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Technical analysis of USD/CHF for October 18, 2016

USDCHFM30.png

USD/CHF is expected to trade with bullish bias above 0.9855. The pair is consolidating and is trading below its 20- and 50-period moving averages. Nevertheless, 0.9855 represents a significant support level, which should limit the downside potential. The relative strength index lacks downward momentum. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.

On the economic data front, the Federal Reserve reported that industrial production increased 0.1% on month in September (as expected, vs. -0.5% in August). On the other hand, the Federal Reserve Bank of New York said its Empire State headline index fell to a five-month low of -6.8 in October (vs. +1.00 expected) from -2.0 in September.

Meanwhile, Federal Reserve Vice Chairman Stanley Fischer pointed out that the central bank is "very close" to its employment and inflation targets, and reiterated concerns that ultra-low interest rates may leave the US economy vulnerable to shocks. However, he mentioned it was "not that simple" for the Fed to raise rates.

As long as 0.9855 holds on the downside look for further upside toward 0.9910 and 0.9925 in extension.

Resistance levels: 0.9910, 0.9925, 0.9945

Support levels: 0.9840, 0.9810, 0.9790

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