On Monday, the USD/CHF pair showed unsteady "bullish" dynamics and currently remains volatile. On Monday, close attention was paid to macroeconomic releases from the US and Switzerland.
In Switzerland, Retail Sales declined by 0.9% against the forecasted decline of 0.6%. At the same time, last month, a decline was twice sharper, so a certain positive dynamics is observed.
USA released unexpectedly negative NY Fed Empire State manufacturing index (-14.92 from 3.86 earlier vs. 5.00 forecast).
Support and resistance
Bollinger Bands on the daily chart are turning to sideways. The price range is narrowing down.
MACD continues a strong downward trend. Keep opened short positions and wait to place new ones.
Stochastic has turned upwards quite sharply as the pair showed a slight growth. Long positions may be considered in the very short run.
Support levels: 0.9769, 0.9717, 0.9676 (12 August local low), 0.9649, 0.9597, 0.9559, 0.9524 (23 July low) and 0.9460.
Resistance levels: 0.9800 (the nearest mark), 0.9820, 0.9862, 0.9900 (near 11 August high), 0.9930.
Open long positions when the pair breaks through 0.9800 and rebounds from this level. Set take-profit at 0.9900 and stop-loss at 0.9717.
Open short positions when the pair rebounds down from 0.9800 with the nearest target at 0.9717, 0.9700. If the downward trend develops, set next target at 0.9600 and stop-loss at 0.9800.