USDCHF Clawing Back Following Monday’s Break
Market Trends

USDCHF Rallying Higher in Trading Monday

USDCHF Rallying  Higher in Trading Monday

USD-CHF

  • Buz Investors USDCHF Rallying  Higher The US Dollar is trading at 0.9759 against the Swiss Franc at 10:40 GMT this morning, 0.2% higher from the New York close.
  • In economic news, Switzerland’s seasonally adjusted unemployment rate remained steady at 3.30% in line with market estimates in October.
  • The pair traded at a high of 0.9764 and a low of 0.9731 this morning. Yesterday, the USD traded 0.1% lower against the CHF in the New York session and ended at 0.9740. The pair is expected to its find support at 0.9734 and its first resistance at 0.9782.

USDCHF Rallying  Higher

USDCHF Rallying Higher in Trading Monday

USDCHF Rallying  Higher   USD/CHF produced a strong rally on Monday, but closed off the highs of the session at 0.97421. The pair, however, is currently gaining ground from Monday’s close, up 0.30% and trading at 0.9770.

This week’s rebound has left in place a successful test of support at the late September bottom. And, with price momentum indicators turning higher but well below overbought levels, further upside in the pair appears likely over the near term.

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USD/CHF is staying in consolidation above 0.9675 temporary low and intraday bias remains neutral. At this point, we’re slightly favoring the case that consolidation from 0.9443 has finished at 0.9998. Below 0.9675 will target 0.9639 support first. Break of 0.9639 would possibly extend the decline through 0.9443 to resume the whole fall from 1.3027. However, break of 0.9841 resistance will turn focus back to 0.9998 instead.

In the bigger picture, no change in the view that choppy fall from 1.0327 is seen as a corrective move. Current development suggests that it’s still in progress and is possibly ready to resume. Break of 0.9536 should target 100% projection of 1.0327 to 0.9443 from 0.9998 at 0.9114. We’d expect strong support from 0.9072 to contain downside and bring reversal. Meanwhile, break of 0.9998 will indicate reversal and turn outlook bullish for a test on 1.0327 high.

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Jadtecnic
Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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