The USD/CHF increases and resumed the yesterday’s minor bullish candle, but is facing a tough resistance level. The USD has taken the lead again and is driving the rate higher, but still, needs a helping hand from the United States data to be able to jump much higher in the upcoming period.
The greenback increases as the dollar index have managed to climb much higher. USDX is trading above the 93.50 psychological level and could hit the 93.81 static resistance if the United States data will come in better than expected.
The US Industrial production is expected to increase by 0.3% in the previous month versus the 0.9% drop in the former reading period, while the Capacity Utilization Rate could be reported at 76.2%, higher versus the 76.1% estimate. The Import Prices will be released as well and are expected to increase by 0.6%, matching the 0.6% growth in the former reading period.
Price increased and jumped above the outside sliding line (SL) of the descending pitchfork and above the upper median line (UML). USD/CHF climbed above the 0.9787 static resistance, but failed to stay above it and now is waiting for the US data to come out.
I’ve said in the previous report that the pair may increase after the false breakdown below the WL2 and after the failure to close on this level. Only a valid breakout above the 0.9787 static resistance will confirm a further increase.
