USD/CHF: Bullish Bias Above 0.9325
USD/CHF is consolidating with bullish bias after hitting two-week high of 0.9382 on Friday. The rate is supported by positive USD sentiment after U.S. November non-farm payrolls rose more-than-expected 146,000 (vs. +80,000 forecast) and unemployment rate dropped to 7.7% from October’s 7.9% (vs. forecast for no change); signs of progress in U.S. budget talks increased hopes over China economic recovery after upbeat China’s November retail sales and industrial output data; But USD/CHF gains tempered by broadly weaker demand for safe-haven USD amid positive risk appetite.
Long positions above 0.9325 with targets 0.9385 and 0.9425 in extension.
R1 – 0.9382 (Friday’s high)
R2 – 0.9425 (Nov. 22 high)
R3 – 0.9460 (Nov. 21 high)
Below 0.9325 look for further downside with 0.931 and 0.929 as targets.
S1 – 0.9316 (Friday’s low)
S2 – 0.929
S3 – 0.9253 (Thursday’s low)
The RSI is supported by a rising trend line. Daily chart is positive-biased as stochastic is rising from oversold; MACD is staging bullish crossover against its exponential moving average.
The material has been provided by Instaforex Company – instaforex.com