USD/CHF posts highest close since March ahead of NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - A strong US dollar in the currency market continued to boost the USD/CHF pair that is about to post the highest close since March 17, the day before the release of the Non-farm payroll report.

    During the day the pair peaked at 0.9979 at the beginning of the European session and then lost strength and moved the rest of the day in a range between 0.9945 and 0.9975.

    Over the next hours, the range could persist as volatility is likely to ease until the release of the US employment report. Payrolls are expecting to rise by 180.000. A higher-than expected reading could boost the US dollar in the market, while a significantly lower figure, if affects Fed rate hike expectations, could trigger a decline of USD/CHF.

    USD/CHF technical levels

    The immediate resistance is located at 0.9975 (the limit of the current trading rage), 1.0000 (psychological level) and 1.1030 (Fibonacci extension from 0.9490 – 0.9980). On the opposite direction, support might lie at 0.9945 (lower limit of the current range), 0.9920 (daily low) and 0.9880 (Nov 4 low).
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