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USDCHF is consolidating after its bullish run

Tuesday, August 1, 2017 1:16 PM GMT

USDCHF had a great rally previous week after bouncing on the major swing low of 3rd April. Reviewing the big picture, the pair is moving in a long-term range between 1.03 to 0.94 levels. The question is whether it will continue or not. Heading to daily timeframe, the pair has broken out a falling wedge (F1) to the upside and it is currently consolidating near highs.  If the pattern is valid, then we may see prices much higher close to the psychological barrier of 1.00. However, there are few important resistances before this long-term target like 0.9761 (previous swing high) and 0.9765 (price structure). Going to the hourly, we have noted the current demand zone (D1), which still holds. In addition, it creates a potential bullish flag (B1) but it needs to break out the upper side to be confirmed. The flag’s target will be at 0.985. If the price violates the zone (D1) to the downside, the bullish scenario is busted. Then, the buyers may play the bullish retest of the upper side of the falling wedge as noted.

Today’s agenda include the following events, US Personal Spending (Jun) (Previous: 0.1%, Forecast: 0.1%), US Core Personal Consumption Expenditure - Price Index (MoM) (Jun) (Previous: 0.1%, Forecast: 0.1%), US Personal Consumption Expenditures - Price Index (MoM) (Jun) (Previous: -0.1%, Forecast: 0.0%).

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