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USD/CHF: ambiguous trading dynamics for OANDA:USDCHF by KirkBarton

Current trend

Today, during the Asian session, the USD/CHF pair shows ambiguous trading dynamics, consolidating near the level of 0.9200, which the “bulls” did not manage to consolidate above.

On Tuesday, consumer sentiment for the dollar was supported by statistics on consumer inflation , which showed further growth despite the forecast of a slowdown. The June index accelerated from +0.6% MoM to +0.9% MoM, while analysts expected only +0.5% MoM. Also, the indicator rose from +5% to +5.4% YoY, which also was worse than the market forecasts of +4.9% YoY.

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Manufacturing inflation statistics from Switzerland met the expectations of experts. The producer and import price index for June slowed sharply from +0.8% MoM to +0.3% MoM and decreased from +3.2% YoY to +2.9% YoY.

Support and resistance

On the daily chart , Bollinger bands are moving flat. The price range remains practically unchanged but remains spacious enough for the current level of activity. The MACD indicator is going down, maintaining a poor sell signal (the histogram is below the signal line). Stochastic , having retreated from its lows, is rising moderately, signaling in favor of the development of corrective growth in the ultra-short term.

Resistance levels: 0.9200, 0.9237, 0.9273, 0.9300.

Support levels: 0.9153, 0.9100, 0.9050, 0.9000.

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