Today we would direct our attention to the USD/CHF currency pair. With this particular trading instrument we expect to see a continuation of the bullish movement. We have seen the pair consistently reach new highs and remain higher even at the bottom levels, so we expect it to keep growing strong, which is also confirmed by the RSI indicator.
To support the American Dollar, we received some positive statistics from the United States that indicated the US GDP increased by 3% during the second quarter, which is the most significant growth in any quarter since 2015. There is also new economic data that shows that there were 237,000 new jobs in August, much more than the expected, which is also fantastic news for the American economy.
We can currently view the level of 0.9575 as a pivot point for the price of USD/CHF. If the rates remain above this level, we can confidently expect new growth to the upcoming resistance levels at 0.9670 and 0.9700. If the price falls below the pivot, then we can see the pair retreat back down to the support levels at 0.9535 and 0.9505.
Based on this analysis, we can open buy positions as we expect the price will be increasing from now on. We should set up our S/L order at 0.9575 and T/P at 0.9670 for now.
