- USD / CHF fails to extend 0.9072 rebounds beyond 0.9086.
- The 21-day EMA, a three-week-old downtrend line, is asking buyers.
- The bullish MACD challenges the bears, the monthly support line becomes the key.
- Swiss GDP in Q2, expected at -8.6% versus -2.6% previously, will be crucial to watch.
USD / CHF is hovering in a volatile range between 0.9071 and 0.9086, currently around 0.9080, in the middle of Thursday morning trading. It should be noted, however, that the pair’s inability to slide past 0.9071 joins the bullish MACD to keep buyers hopeful.
While the 0.9100 and 0.9120 threshold may entertain short-term bulls, a confluence of the 21-day EMA and a bearish trendline on August 03, around 0.9130 / 35, will be difficult to see. break.
In a case where the USD / CHF price manages to break through 0.9135, 0.9200 may offer an intermediate high before pointing out the monthly peak around 0.9240.
On the other hand, the monthly low near 0.9010 will appeal to sellers if they dominate above 0.9070. However, a downtrend line from July 31, near 0.8980, could ease further weakness.
Basically, the anticipated deterioration in Switzerland’s second-quarter (Q2) GDP could help short-term bulls.
USD / CHF daily chart