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USDCHF : Trading Near Key Resistance at .8928

USDCHF strengthened a little and rose towards the key resistance at .8928 after the release of the housing data by US Census Bureau. According to the data, the building permits increased by 8% in April to 1.08 million beating the economist’s expectations for an increase to 1.01 million. The housing start increased by 13.2%. There was not a big surge on the chart, seems like investors are waiting for some other thing may be Consumer Sentiment data. University of Michigan is going to release Consumer Sentiment data at 9:55 AM EDT which might bring some changes to the pair.

On the daily chart we can see that there is a key resistance at .8928 breaking which give a bullish bias on the pair. A slightly bullish pattern is already there as the pair crossed above the 50 day and 100 day SMA. But if looking at the stochastic oscillator the %K line has crossed above the %D line which indicates that the pair is going to move down from this resistance.

 However if looking at the 4 hour chart, the pair is facing support from the rising support trend line which might push the pair towards upward direction.