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2 Aug 2013
USD/CHF bottoms out at 0.9300 and bounces
FXstreet.com (New York) - The USD/CHF took a tumble following the release of Nonfarm Payroll data Friday morning during US trading, thereby bottoming out at the 0.9299 level (session low).
In the United States, Nonfarm Payrolls (July) were reported at just 162K, missing expectations of 184K, and lower than 188K in the month of June. Moreover, the Unemployment Rate (July) fell to just 7.4%, beating estimates that called for 7.5%.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF is trading positively and stable above 0.9370 levels, so we expect the bullish wave to extend today. But this positivity requires stabilizing above 0.9320 to remain valid. Meanwhile, Linear Regression Indicators still supports our expectations.”
The USD/CHF collapsed following the downtrodden payroll figures earlier, though the initial kneejerk reaction proved to be the extent of the fall, as the pair is now eliminating its losses. At the time of writing, the pair is now operating at 0.9331, still down -0.40% Friday. Briefing the technicals, the USD/CHF will look to test support at 0.9295 ahead of 0.9216, notes the Mataf.net analyst team.
In the United States, Nonfarm Payrolls (July) were reported at just 162K, missing expectations of 184K, and lower than 188K in the month of June. Moreover, the Unemployment Rate (July) fell to just 7.4%, beating estimates that called for 7.5%.
USD/CHF strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CHF is trading positively and stable above 0.9370 levels, so we expect the bullish wave to extend today. But this positivity requires stabilizing above 0.9320 to remain valid. Meanwhile, Linear Regression Indicators still supports our expectations.”
The USD/CHF collapsed following the downtrodden payroll figures earlier, though the initial kneejerk reaction proved to be the extent of the fall, as the pair is now eliminating its losses. At the time of writing, the pair is now operating at 0.9331, still down -0.40% Friday. Briefing the technicals, the USD/CHF will look to test support at 0.9295 ahead of 0.9216, notes the Mataf.net analyst team.