5 May 2014
USD/CHF on the defensive
FXStreet (Córdoba) - The USD/CHF is consolidating in a tight range near 3-week lows after filling the weekly opening gap.
The USD/CHF opened the week on the defensive, extending its correction from post-nonfarm payrolls highs around 0.8840 to a 3-week low of 0.8761. With bounce attempts being capped by the 0.8780 area, the pair was confined to a sideways phase. At time of writing, the USD/CHF is trading at 0.8770, still 0.10% above its opening price.
Friday's NFP showed the US economy added 288,000 new jobs, exceeding market’s forecast. Even though figures initially gave the greenback a strong boost, moves were quickly reversed.
USD/CHF levels to watch
In terms of technical levels, the USD/CHF could find immediate supports at 0.8761 (May 5 low), 0.8743 (Apr 11 low) and 0.8723 (Mar 18 low). On the other hand, supports are seen at 0.8780 (May 5 high), 0.8811 (21-day SMA) and 0.8840 (May 2 high).
The USD/CHF opened the week on the defensive, extending its correction from post-nonfarm payrolls highs around 0.8840 to a 3-week low of 0.8761. With bounce attempts being capped by the 0.8780 area, the pair was confined to a sideways phase. At time of writing, the USD/CHF is trading at 0.8770, still 0.10% above its opening price.
Friday's NFP showed the US economy added 288,000 new jobs, exceeding market’s forecast. Even though figures initially gave the greenback a strong boost, moves were quickly reversed.
USD/CHF levels to watch
In terms of technical levels, the USD/CHF could find immediate supports at 0.8761 (May 5 low), 0.8743 (Apr 11 low) and 0.8723 (Mar 18 low). On the other hand, supports are seen at 0.8780 (May 5 high), 0.8811 (21-day SMA) and 0.8840 (May 2 high).