The US jobs report sent USD/CHF finally out of the bullish and bearish trading range that had mostly confined the pair between 0.8399 and 0.85368. The price was trading near 0.85166 before the report was released, and has now risen to 0.8607. At the top, the price experienced a 61.8% retracement of the downward move from the mid-August high. This level comes at 0.86049.
Since then, the price has gone back down towards 0.8587. The 50% midpoint of the same downward movement (from the mid-August high) comes at 0.85608 and will now be a support target on the downside. Stay Above Buyers remain under strict control after a breakout.
On the daily chart, the swing zone is located at 0.8580. This level will now be a nearby support level as well. If the price can hold above this level, it is expected to continue moving in the upside and retest the target of the 61.8% retracement level.
Comments are closed, but trackbacks and pingbacks are open.