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USD/CHF trades higher, break above 1.0040 targets 1.0100 : FxWirePro | November 6, 2017
USD/CHF 0.23% has once again recovered after hitting low of 0.99477 on Friday. The pair jumped after slightly better than expected US jobs data. It is currently trading around 1.0020.
US economy has added 261K jobs in Oct 4.73% and unemployment rate down to 4.1% from 4.2%. The labor market returned to normal following storm- weakened Sep.
Technically, near term support stands at 0.9950 (10- day MA) and any break below will drag the pair to next level till 0.9900/0.9860 (233- day MA). Short term trend is still bullish as long as support 0.9950 holds.
The major resistance is around 1.0040 and any break above will take the pair to next level till 1.0100/1.0174. Short term trend reversal can be seen below 0.9705. Overall weakness only below 0.9420.
It is good to buy on dips around 1.000 with SL around 0.9948 for the TP of 1.0100/1.0170.
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