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Technical analysis of USD/CHF for April 07, 2017

USDCHFM30.png

USD/CHF is expected to trade with positive outlook, the movement is supported by a rising trend line. The technical outlook of the pair is bullish as the prices are supported by a rising trend line since April 4. The upward momentum is further reinforced by the ascending 20-period and 50-period moving averages. The relative strength index lacks downward momentum.

Investors turned cautious ahead of a meeting between US President Donald Trump and Chinese President Xi Jinping. Also, they are watching closely the official US jobs report for March to be released on Friday, where it is expected that nonfarm payrolls grew by 175,000 and average hourly wages increased 0.2% from February.

Regarding reported economic data, the US Labor Department announced that initial jobless claims fell sharply by 25,000 to 234,000 in the week ended April 1, lower than 250,000 expected. The US dollar posted modest gains as investors watched closely if the Trump-Xi summit would touch areas of trade and currency.

To sum up, as long as 1.0025 is support, look for a new rise to 1.0070 and even to 1.0090 in extension.

Resistance levels: 1.0070, 1.0090, and 1.0125

Support levels: 1.0005, 0.9990, and 0.9950

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