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Technical analysis of USD/CHF for September 08, 2016

USDCHFM30.png

USD/CHF is under pressure. The pair remains under pressure below its key resistance at 0.9740, which should limit the upside potential. Meanwhile, the relative strength index is around its neutrality area at 50, and is mixed to bearish. Even though a technical rebound cannot be ruled out at the current stage, its extent should be limited. On Wednesday, U.S. indices closed mixed with the Nasdaq posting a four-day winning streak. Shares in the Technology Hardware & Equipment and Transportation sectors traded higher while shares in the Household & Personal Products, Automobiles & Components and Food, Beverage & Tobacco sectors were under pressure.

On the economic data front, MBA mortgage applications improved by 0.9% in week ended Sept. 2, from a rise of 2.8% in the previous week. In other news, the Fed released their 'Beige Book' indicating a modest expansion of the national economic activity accompanied by an improvement in employment from July through late August.

To conclude, as long as 0.9740 is not surpassed, the pair is likely to drop to its next support at 0.9645. A break below this level would call for further weaknesses to at least 0.9610.

Resistance levels: 0.9770, 0.9810, 0.9885

Support levels: 0.9645, 0.9590, 0.9525

The material has been provided by InstaForex Company - www.instaforex.com