USDCHF has recovered sharply from low of 1.01250 and jumped more than 80 pips. The pair was trading weak for past 1-week and lost more than 100 pips from high 1.02369 highest level since Apr 2017. Markets eye US Non farm payroll for further direction.US economy is expected to add 185000 jobs in April compared to 196K in Mar and average hourly earnings forecast 0.3% vs 0.1% previous month. Any upbeat hourly earnings will pull US dollar further higher. It hits intraday high of 1.02122 and is currently trading around 1.02042.
The pair is facing strong resistance around 1.02500 and any violation above will take the pair to next level till 1.02900/1.0340 is likely.
The near term support is around 1.0175 and any violation below will drag the pair to next level till 1.01570/1.01250. Any break below 1.01250 confirms minor trend reversal and a dip till 1.0070/1.000 is possible.
It is good to buy on dips around 1.0180-85 with SL around 1.01400 for the TP of 1.02500/1.02900.
