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23.09.201607:29 Forex Analysis & Reviews: Technical analysis of USD/CHF for September 23, 2016

Long-term review

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USD/CHF is under pressure. The pair is trading below its horizontal resistance at 0.9720, which maintains the strong selling pressure. At the same time, the descending 50-period moving average acts as a resistance role. Besides, the relative strength index is below its neutrality area at 50 and lacks upward momentum. On the economic data front, the U.S. Labor Department reported that initial jobless claims dropped 8,000 on week to 252,000 for the week ended September 17 (vs. 261,000 expected). The National Association of Realtors said existing home sales fell to 5.33 million units in August (vs. 5.45 million units expected) from 5.38 million units in July. The Conference Board announced that the Leading Index declined 0.2% on month in August (vs. +0.0% expected).

Hence, as long as 0.9720 is resistance, the intraday outlook remains bearish with a down target at 0.9660, if breakout, look for a further decline to 0.9635 as possible.

Resistance levels: 0.9745, 0.9770, 0.9815

Support levels: 0.9660, 0.9635, 0.9600

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