#USDCHF @ 0.96419 -imp levels: is juggling after a decent rally as the focus shifts to Jackson Hole Economic Symposium.

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• USD/CHF is juggling after a decent rally as the focus shifts to Jackson Hole Economic Symposium.
• The spell of an interest rate hike by the Fed won’t get interrupted but the extent of the rate hike will scale down.
• A decline in the US Durable Goods Orders may halt the DXY’s rally.

The pair currently trades last at 0.96419.

The previous day high was 0.9598 while the previous day low was 0.9553. The daily 38.2% Fib levels comes at 0.9581, expected to provide support. Similarly, the daily 61.8% fib level is at 0.957, expected to provide support.

The USD/CHF pair has shifted into an inventory accumulation phase around 0.9640 after witnessing a juggernaut rally near 0.9580 on Monday. On a broader note, the asset has displayed a seven-day winning streak after printing a fresh four-month low of 0.9371 on August 11. The major is expected to continue its winning streak after violating Monday’s high at 0.9659.

Bulls will stay for a tad longer period as investors are likely to underpin the greenback ahead of the Jackson Hole Economic Symposium. Federal Reserve (Fed) chair Jerome Powell will dictate the economic situation of the US, price pressures, and the consequences of liquidity shrinkage in the economy.

No doubt, the odds of exhaustion in the price pressures are accelerating as oil prices have weakened dramatically. However, the price rise index is still extremely higher than the desired rate of 2%. Therefore, the spell of interest rate hike won’t get interrupted but the extent of the rate hike will definitely scale down.

On the economic data front, the preliminary estimates for the US Durable Goods Orders are painting a rosy picture of the overall demand in the US. The economic data is expected to trim drastically to 0.5% from the prior release of 2%. The investing community is aware of the fact that the US core Consumer Price Index (CPI) remained steady at 5.9%. Despite that, a slump in the Durable Goods Orders indicates a decline in the overall demand.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.964 at the time of writing. Pair opened at 0.959 and is trading with a change of 0.52 % .

The pair is trading above its 20 Daily moving average @ 0.9539, below its 50 Daily moving average @ 0.9641 , below its 100 Daily moving average @ 0.9646 and above its 200 Daily moving average @ 0.9441

The previous day high was 0.9598 while the previous day low was 0.9553. The daily 38.2% Fib levels comes at 0.9581, expected to provide support. Similarly, the daily 61.8% fib level is at 0.957, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9563, 0.9536, 0.9518
• Pivot resistance is noted at 0.9608, 0.9625, 0.9653

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