Chart of the day - USDCHF (25.08.2023)

Speech from Jerome Powell at Jackson Hole Economic Symposium is a key event of the day, and a week as well. Fed Chair is scheduled to begin his speech at 3:05 pm BST today. There is a feeling that his speech may be a non-event. After all, there are still two crucial pieces of data to be released ahead of the next FOMC meeting - NFP and CPI reports for August. Having said that, he is likely to avoid making any clear statements regarding the next steps Fed will take. However, there is always scope for a surprise. Money markets do not expect Fed to hike rates but any stronger hints from Powell that Fed is not done yet could provide support for US dollar.

USDCHF is one of the pairs to watch amid Powell's speech as it is trading in an interesting technical spot. Taking a look at the pair at the D1 interval, we can see that it was trading in a downward channel since the beginning of 2023. An upward correction was launched recently and the pair is now testing the upper limit of the channel and the resistance zone ranging below the 0.8885 mark. The upper limit of a local market geometry can be found slightly above it at 0.8930. A break above this zone would, at least in theory, suggest a bullish trend reversal. In such a scenario, the next resistance zone to watch can be found in the 0.9120 area.

Source: xStation5

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