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USDCHF declined sharply after weak US jobs data. It hit a low of 0.83746 and is currently trading around 0.84108.
Intraday trend is bearish as long as resistance 0.8540 holds.
|
Time (GMT) |
Currency |
Event |
Actual |
Forecast |
Previous |
|
12:30 pm |
US |
Non-Farm Employment change |
142K |
164K |
114K |
|
12:30 pm |
US |
Unemployment rate |
4.2% |
4.2% |
4.3% |
|
12:30 pm |
US |
Average Hourly Earnings m/m |
0.40% |
0.30% |
0.30% |
Technicals-
The pair is trading below 34 and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.8435, a breach above targets 0.84670/0.8500/0.8540. The immediate support is at 0.83700, any violation below will drag the pair to 0.8365 (61.% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - neutral. Overall trend is mixed.
It is good to sell on rallies around 0.844-50 with SL around 0.8470 for a TP of 0.8380.
