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Technical analysis of USD/CHF for January 06, 2017

USDCHFM30.png

USD/CHF is under pressure. The pair failed to break above its 50-period moving average and accelerated on the downside. The declining 20-period and 50-period moving averages are playing resistance roles and maintain the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum.

Automatic Data Processing Inc (ADP) reported that 153,000 private jobs were added in December (vs. +175,000 expected, +215,000 in November). The U.S. Labor Department said initial jobless claims amounted to 235,000 in the week ended December 31 (vs. 260,000 expected). And the Institute for Supply Management (ISM) posted its Non-manufacturing Composite Index at 57.2 (vs. 56.8 expected).

As long as 1.0136 holds on the upside, look for a further drop toward 1.0090 and even 1.0060 in extension.

Resistance levels: 1.0165, 1.0200, 1.0245

Support levels: 1.0090, 1.0060, 1.0025

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