Fxwirepro: Usd/chf Pares Losses, Strong Resistance Seen at 0.9670 (cloud Base)

  • 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)

The material has been provided by InstaForex Company – www.instaforex.com