USDCHF recovered above 0.96500 ahead of US Fed chairman Powell's speech at the Jackson hole symposium. Markets eye US Fed chairman Powell's speech at the Jackson hole symposium for further direction. US GDP contracts 0.6% in Q2, annualized less than the forecast of 0.90%. The number of people who have filed for unemployment benefits dropped by 2000 last week to 243000 vs an estimate of 250K.
Technically in the hourly chart, the pair is holding above short term (21- and 55 EMA) and 200 EMA (0.95974). Any break above 0.9700 will take the pair to 0.9765/0.9800. USDCHF hits an intraday high of 0.96574 and is currently trading around 0.96402.
The near-term support is around 0.9600, and any breach below targets 0.9540/0.9500/0.9470.
Indicators (1-hour chart)
CCI (50)- Neutral
ADX- Neutral
It is good to avoid it till the US Fed chairman's speech at Jackson hole.
