USD/CHF Forecast – US Dollar Set to Rise Further Vs Swiss Franc

USD/CHF Forecast – US Dollar Set to Rise Further Vs Swiss Franc

  • – The US Dollar is trading nicely above the 0.9740 support area against the Swiss Franc.
  • – There is a major bullish trend line forming with support at 0.9760 on the hourly chart of USD/CHF.
  • – Today in Switzerland, the Unemployment Rate for Dec 2017 was released by the State Secretariat for Economic Affairs (SECO).
  • – The outcome was around the forecast of 3%, down from the last revised reading of 3.1%.

 

Swiss Unemployment Rate

Today in Switzerland, the Unemployment Rate for Dec 2017 was released by the State Secretariat for Economic Affairs (SECO). The market was not looking for a minor decline in the unemployment rate to 3% compared with the previous month.

 

The actual result was around the forecast of 3%, down from the last revised reading of 3.1%. The US saw the release of the Consumer Credit for Nov 2017 by the Board of Governors of the Federal Reserve. The outcome was positive, as it came in at $27.95B, more than the last revised $19.75B.

 

The USD/CHF pair is placed nicely above the 0.9740-50 support area and it might continue to move higher.

 

USD/CHF Technical Analysis

The US Dollar formed a decent uptrend from the 0.9790 swing low against the Swiss Franc. The USD/CHF pair made good ground and moved above the 0.9720 and 0.9750 resistance levels to settle above the 100 hourly simple moving average.

 

USD/CHF Technical Analysis US Dollar Swiss Franc

 

The pair traded as high as 0.9797 recently before correcting below the 38.2% Fib retracement level of the last wave from the 0.9699 low to 0.9797 high. The downside move was protected by a major bullish trend line with support at 0.9760 on the hourly chart.

 

Moreover, the 50% Fib retracement level of the last wave from the 0.9699 low to 0.9797 high also acted as a support along with the 100 hourly SMA. At present, the pair is moving back higher and it seems like it could soon break the 0.9790 high.

 

A push above the 0.9790 high could open the doors for a move above the 0.9800 level. More gains above 0.9800 will most likely call for a test of the 0.9840 level.

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