Sasha Singh
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USDCHF : Trading Higher Even After Downbeat CPI data

US Dollar trading higher even after the downbeat Consumer Price data. U.S consumer prices rose a seasonally adjusted .3% in June in line with the economist’s estimate. However the core CPI which excludes volatile food and energy items rose .1% missing the economist’s estimate for .2% increase. CPI have risen an unadjusted 2.1% over the past 12 months however the core CPI have risen 1.9% over the past 12 months. The increase in consumer prices came because of the higher gasoline prices.

(USDCHF : Daily Chart)

USDCHF is still near the key resistance level at .9012. We might see the pair come down slowly from this resistance but the rising support trend line will provide support to the pair. So the pair still seems bullish. The 4 Hour chart will give the clear picture of what happened after the release of data.

(USDCHF : 4 Hour Chart)

On the 4 hour chart, the pair have started declining below the resistance at .9012. However seems like it is testing support from the previous resistance at .9002. If the pair declines further the next nearest support it may find will be at .8988.