The currency pair USDCHF rose close to 0.8800 after starting at 0.87710, marking its fifth consecutive day of gains.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• USD/CHF jumped near 0.8800, setting a five-day winning streak.

The pair currently trades last at 0.87710.

The previous day high was 0.8778 while the previous day low was 0.8712. The daily 38.2% Fib levels comes at 0.8753, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8737, expected to provide support.

The USD/CHF has risen to its highest level since mid-July, towards 0.8800 and then settled near 0.8770, driven by a stronger USD. In simple terms, the US economy is holding firm, making investors place bets on a more aggressive bet on the Federal Reserve (Fed) which is benefiting the greenback.

The number of employed people in the US was 324,000 in July, according to Automatic Data Processing Inc. (ADP), which was higher than the 189,000 expectations but lower than the revised figure of 455,000 in June.

US bond yields are increasing globally in response to the data. The 5- and 10-year yields increased by 4.26% and 4.10%, respectively, with both seeing more than 1% increases. The 2-year yield rose to 4.92%, with a 0.60% increase on the day.

Regarding Fed expectations, according to the CME FedWatch tool, market participants are betting on low odds of a hike in September, while the probability of a walk in November stands near 30%, and investors foresee low odds of a 50 bps increase. However, the highlight with which the markets will make their projections will be Friday’s Nonfarm payrolls (NFPs) report. The unemployment rate is anticipated to stay constant at 3.6%, while consensus for NFP has increased to 200k from 209k in June, while Average Hourly Earnings are expected to have eased.

For the rest of the session, the Swiss and American calendars will have nothing relevant to offer, so market sentiment and Fed bets will set the pace.

Considering the daily chart, the USD/CHF shows a bullish sentiment for the short term. The Relative Strength Index (RSI), positioned above its midline in positive territory with a northward slope, supports this view along with the positive indication from the Moving Average Convergence Divergence (MACD), which is displaying green bars, pointing towards a strengthening bullish impulse. Plus, is consolidating above the 20-day Simple Moving Average (SMA), indicating that the outlook is still positive for the short term.

Resistance levels: 0.8810, 0.8830, 0.8850.
Support levels: 0.8700 (20-day SMA), 0.8660, 0.8630.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8762 at the time of writing. Pair opened at 0.8753 and is trading with a change of 0.1 % .

The pair is trading above its 20 Daily moving average @ 0.8713, below its 50 Daily moving average @ 0.8892 , below its 100 Daily moving average @ 0.896 and below its 200 Daily moving average @ 0.9173

The previous day high was 0.8778 while the previous day low was 0.8712. The daily 38.2% Fib levels comes at 0.8753, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8737, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8718, 0.8682, 0.8652
• Pivot resistance is noted at 0.8783, 0.8813, 0.8848

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...