Last Friday ended a very volatile week. This week will not be full of economic events, unlike the past. Today also the publication of important economic data is not expected.
However, market participants will pay attention to the speeches of a number of key figures of the US government and the Fed.
Treasury Secretary Janet Yellen is scheduled to speak at 14:00 (GMT), US President Joe Biden is scheduled to speak at 15:30, and Fed officials Williams, Waller, Meister will speak at 11:40, 17:00, 19:00.
As of this writing, USD/CHF is trading near 0.9940, down from yesterday's 29-month high of 0.9965. A strong upward impulse prevails, which is provided, first of all, by the continuing strengthening of the dollar.
However, from a technical point of view, near the resistance level of 0.9965, either a rebound or a short-term downward correction is possible, especially if the dollar receives negative macro statistics from the US.
In our opinion, such a correction is possible, with the target near the important short-term support level of 0.9800.
In case of continued growth and after the breakdown of the resistance level of 0.9965, USD/CHF will head towards the resistance level of 1.0235. A breakdown of the resistance level of 1.0450 will finally bring USD/CHF into the zone of a long-term bull market.
Support levels: 0.9900, 0.9800, 0.9700, 0.9670, 0.9600, 0.9565, 0.9500, 0.9495, 0.9425, 0.9380, 0.9322, 0.9300
Resistance levels: 0.9965, 1.0000, 1.0235, 1.0450
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Source: InstaForex
