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Reviewing our trading plan on USDCHF

Thursday, August 3, 2017 11:41 AM GMT

Following up our latest post for USDCHF, the pair bounced on the demand zone (Z1) as we have noted. In addition, it broke out the declining channel (C1) which is a part of the bullish flag as we had explained initially.  It is currently retracing back and testing 5 &21 EMA from below. We have noted a short-term support at 0.9664, which needs to hold to maintain the intraday positive outlook. In other case, then we expect the price to test the zone (Z1) once again. The upside targets remain open as we have noted in this post.

Today’s agenda includes US Initial Jobless Claims (Jul 28) (Previous: 244K, Forecast: 242K), US Markit PMI Composite (Jul) (Previous: 54.2), US Factory Orders (MoM) (Jun) (Previous: -0.8%, Forecast: 2.9%), US ISM Non-Manufacturing PMI (Jul) (Previous: 57.4, Forecast: 57.0). This means that traders should cautious with their trading decisions as volatility is expected during the news.

Hourly

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