USDCHF restrained, could it go higher?
“Greenback edged lower on Friday as investors prepares for more market signals during Jackson Hole symposium.”
Greenback slipped slightly during Asian trading session while investors wait for Federal Reserve Chair Jerome Powell’s speech during Jackson Hole symposium. Currently, investors have mixed feeling with regards to next interest rate hike, which would either be 50 or 70 basis points. According to CME FedWatch Tool, investors are currently pricing in for a 65% chance of 75 basis point rat hike during September meeting.
Quick recap on USDCHF
From an overall perspective, the pair remains tilted towards the upside as it rebounds from the trendline.
USDCHF Weekly Technical Analysis
From weekly perspective, the pair has extended its recovery while currently testing near the region of 0.9708.
USDCHF Daily Technical Analysis
From daily perspective, upward momentum begins to diminish, suggesting possible bearish takeover for short-term. Nonetheless, overall structure remains intact.
Trading Idea
ORDER: BUY STOP
ENTRY: 0.9745
STOP LOSS: 0.9645
Target 1: 0.9845
Target 2: 0.9935
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