USD/CHF: dollar remains under pressure

OANDA:USDCHF   US-Dollar / Schweizer Franken
7 0
Current trend

US dollar considerably dropped against Swiss franc on Thursday, moving away from local maximums since the middle of May. Along with this, by the moment of closing of daily session the instrument managed to regain a big share of losses which was caused by locking in profits before the release of the key labor market report in the USA on Friday.

USD was under pressure of the released tax reform details developed by the Republican Party. The new reform provides for the reduction of the income tax from 35% to 20% and grades of personal income tax, as well as other easing measures. However, the investors are still skeptical, because many items of the reform are unlikely to be agreed on in the Congress.

There were not many releases from Switzerland on Thursday. Traders paid attention to consumer trust index by SECO that grew from -3 to -2 points in Q4 as well as to the actual volume of retail trade in September (-0.4% YoY against the previous -1.0%).

Support and resistance

Bollinger Bands in D1 chart show stable growth. The price range is narrowing. MACD indicator is returning downwards forming a sell signal (the histogram is below the signal line). Stochastic returned horizontally after a short fall.

Resistance levels: 1.0000, 1.0035, 1.0082.

Support levels: 0.9971, 0.9936, 0.9900, 0.9878.

Trading tips

Long positions may be opened after breaking out the level of 1.0000 with targets at 1.0082, 1.0100 and stop-loss at 0.9950. The period of implementation is 1-2 days.

A breakdown of the levels of 0.9971, 0.9950 may be a signal for further development of corrective decrease with target at 0.9900 and stop-loss at 1.0000. The period of implementation is 2-3 days.
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