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Forex pairs in this Article » USD/CHF (London) - USD/CHF has strolled lower throughout the European session, with most of the activity else-where.

USD/CHF has made a high of 0.9524 and has just printed a low at time of writing 0.9487. While most of the tension is focused around Central Banks and NFP’s at the end of the week, the pair could be tested this afternoon when the US releases the ADP Employment report . Markets will consider the report as a valuable indicator for next Friday’s NFP print (consensus 165K) and it might just make or break today's sentiment. Also, the trade balance report as well as ISM non-manufacturing could trigger a break out one way or another if the data offers any big surprises.

USD/CHF bids on dips

USD/CHF has been continuing to inch higher after it had eroded the 50% retracement at 0.9485. This area now acts as support on the way back down. In the event that data this afternoon surprises to the upside for the US, there is scope to head up towards the 0.9568, as sighted by Karen Jones, analyst at Commerzbank. This area is the 61.8% Fibonacci retracement and March high. She sights dips to find interim support at 0.9440, 0.9380 ahead 0.9240/00 and above 0.9568 will target 0.9688 en route to 0.9840 the May high.
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