General overview
The dollar consolidated its position after the FOMC minutes publication where it was noted that the rate would be increased after the labor market continued growth. Following the meeting, the interest rate has remained within the 0.0% -0.25%.
Credit Suisse says that the Swiss National Bank losses could reach 50 billion francs in the first half of the year because of the exchange rate, gold and government bonds changes. According to the data publication, the Swiss KOF leading economic indicators rose up to 99.8 this month from 89.8 in June whose indicator was revised up from 89.7. Analysts had expected the index growth by 90.3 in July.
Buyers managed to strengthen the strong resistance level of 0.9650.
The price is finding the first support at 0.9650, the next one is at 0.9540. The price is finding the first resistance at 0.9760, the next one is at 0.9850.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement.
The MACD indicator is in a positive territory. The MACD is growing.
Trading recommendations
We expect the growth. The pair may rebound downwards to the level of 0.9650. After that the growth to 0.9850 will be continued.
