Trading news

USD/CHF climbs to daily tops ahead of NFP

The USD/CHF pair built on its rebound from the very important 200-day SMA support and has now recovered around 100-pips from yesterday's swing lows.

Currently trading around 0.9970-65 region, the pair's strong bid tone on Friday has been supported by a broad based greenback recovery. In fact the key US Dollar Index has now moved back above 100.00 psychological mark and testing session peaks near 100.10 region, and has been an exclusive driver of the pair's movement on Friday.

Moreover, a mildly positive sentiment around European equity markets further drove flows away from traditional safe-haven assets, including the Swiss Franc, and is collaborating to the pair's up-move for the third consecutive session.

The pair is now inching back closer to 100-day SMA hurdle as investors' focus remains glued to the keenly awaited US monthly employment details. Strong headline NFP print would provide the required momentum to lift the pair beyond parity mark and extend its recovery trend in the near-term.

Technical levels to watch

Immediate upside resistance is pegged at 100-day SMA near 0.9990 region, which if cleared is likely to boost the pair towards 1.0025-30 region ahead of two-week high resistance near 1.0045 level. On the flip side, weakness back below 0.9950-45 immediate support might drag the pair back sub-0.9900 support, en-route 200-day SMA support near 0.9870-65 region.

AG Markets Review

Friday, 03 Feb, 2017 / 4:03

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Source : https://www.ag-markets.com/news/

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