USDCHF pared most of its gains made the previous week on profit booking. Markets eye Fed chairman Powell's speech at Jackson hole symposium for further direction.US Flash services and manufacturing PMI dropped to 44.1 and 51.3, well below expectations. US new home sales slumped to a 6-1/2 year low to 511K compared to an estimated 574K. US Richmond manufacturing slowed down to -8 vs forecast of -4.
Technically in the 15 min chart, the pair is holding below short term (21- and 55 EMA) and
200 EMA (0.96335). Any break above 0.96625 will take the pair to 0.9700/0.9765/0.9800. USDCHF hits an intraday low of 0.96250 and is currently trading around 0.96264.
The near-term support is around 0.9600, any breach below targets 0.9540/0.9500/0.9470.
Indicators (15-Min chart)
CCI (50)- Bearish
ADX- bearish
It is good to sell on rallies around 0.9628-30 with SL around 0.96650 for TP of 0.9570/0.9540.
