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Technical analysis of USD/CHF for March 10, 2017

USDCHFM30.png

USD/CHF is expected to trade with bullish bias. The pair is rebounding and is challenging the 20-period moving average. The relative strength index is turning up.

Regarding economic data, the US Labor Department reported that initial jobless claims amounted to 243,000 in week ended March 4, higher than 238,000 expected and 223,000 in the prior week, while continuing claims remained unchanged at 2.06 million in the week ended February 25, in line with expectations.

Investors are expecting an addition of 200,000 non-farm payrolls and a jobless rate of 4.7% for February in today's jobs numbers.

In addition, the downside potential should be limited by the key support level at 1.0090. As long as this key level is support, a further rise to 1.0140 and even to 1.0160 seems more likely to occur.

Resistance levels: 1.0140, 1.0160, and 1.0190

Support levels: 1.0075, 1.0055, and 1.0015

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