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Technical analysis of USD/CHF for January 09, 2017

USDCHFM30.png

USD/CHF is expected to continue its upside movement. The pair posted a technical bounce and is likely to challenge its nearest resistance at 1.0200 in the coming trading hours. A strong support at 1.0155 has formed and should limit any downward attempts. In addition, a bullish cross between the 20-period and 50-period moving averages has been identified .

The U.S. Labor Department released a solid December jobs report. Employers added 156,000 nonfarm payrolls in the month (vs. +175,000 expected) with jobless rate edging higher to 4.7% from 4.6% in November (as expected). In addition, average hourly wage for private-sector workers advanced 10 cents from November, or 0.39%, to $26.00. In fact, wages increased 2.9% on year in December, the strongest annual growth since 2009.

As long as 1.0155 holds on the downside, look for further advance to 1.0200, and 1.0240 in extension.

Resistance levels: 1.0200, 1.0240, 1.0285

Support levels: 1.0125, 1.0100, 1.0060

The material has been provided by InstaForex Company - www.instaforex.com