- USD/CHF halted its three back-to-back sessions of gains and dipped into negative territory in early European trades after positive Swiss GDP data buoyed CHF bulls
- Swiss real GDP growth for Q2 came in at 0.2 pct q/q vs forecast of -0.1 pct, y/y growth was 1.2 pct vs forecast of 0.9 pct
- US dollar also remains broadly weak after profit-taking was seen in the markets following the recent US GDP-led rally, aiding the downside
- The pair halted its three back-to-back sessions of gains, struck session lows at 0.9623 on the data release
- USD/CHF pared some losses and has edged higher to currently trade at 0.9643, strong resistance seen at cloud base by 0.9670, breaks above could see the pair at 0.9687 (21-DMA)
- Supports on the downside are seen at 0.9540 (200 DMA) and further below at 0.9513 (Hourly Low Aug 27)
Resistance Levels:R1: 0.9670 (Cloud base)R2: 0.9687 (21-DMA)R3: 0.9777 (Daily High Aug 19)Support Levels:S1: 0.9540 (200 DMA)S2: 0.9513 (Hourly Low Aug 27)S3: 0.9455 (Daily Cloud Top)
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