USD/CHF fundamental analysis for February 16, 2017
February 16, 2017 1:10 pmVideo
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From last week, USD/CHF has showed some bullish impulsive movement which pushed the price over 1.00. Yesterday, after YELLEN testified the monetary policy there was some fall back on the USD side where the CHF gain advantage of it. On Tuesday, CHF was influenced by CPI report. The data of CPI came at 0.4% which was expected 0.3% and PPI reports at 0.0% which was expected -0.1%. The figures did have some positive affect on the currency but due to more strength on USD side CHF was unable to put much pressure to pull the price downward. Today, USD has some high-impact news releases on Building permits. It is expected an increase to 1.23M which was previously 1.21M; Philly FED Manufacturing Index which is expected decrease to 18.5 which was previously 23.6; and Unemployment claims report which is expected to be higher at 243K which previously was 234K. As there are some mixed expectations on today’s high-impact events for USD, a good amount of volatility is expected in this pair.
Now let us look at the technical view, the price has broken above the resistance area between 0.9950-1.00 which has now turned into a support area. Currently, the price is just above 1.00 and it is expected that 50 pips between 0.9950-1.00 area will hold the price. USD may regain strength after the high-impact events for USD. If we see the price rejecting the sellers from the support with a daily close above 1.0050, we can expect further bullish move for the coming trading days. On the other hand, if the price remains inside the support area with a daily close and in coming days breaks the support of 0.9950, we will be shifting our bullish bias to bearish and will look for selling from any retrace towards the level.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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