USD/CHF Forecast — US Dollar Set to Rise Further Vs Swiss Franc
- - The US Dollar is trading nicely above the 0.9740 support area against the Swiss Franc.
- - There is a major bullish trend line forming with support at 0.9760 on the hourly chart of USD/CHF.
- - Today in Switzerland, the Unemployment Rate for Dec 2017 was released by the State Secretariat for Economic Affairs (SECO).
- - The outcome was around the forecast of 3%, down from the last revised reading of 3.1%.
Swiss Unemployment Rate
Today in Switzerland, the Unemployment Rate for Dec 2017 was released by the State Secretariat for Economic Affairs (SECO). The market was not looking for a minor decline in the unemployment rate to 3% compared with the previous month.
The actual result was around the forecast of 3%, down from the last revised reading of 3.1%. The US saw the release of the Consumer Credit for Nov 2017 by the Board of Governors of the Federal Reserve. The outcome was positive, as it came in at $27.95B, more than the last revised $19.75B.
The USD/CHF pair is placed nicely above the 0.9740–50 support area and it might continue to move higher.
USD/CHF Technical Analysis
The US Dollar formed a decent uptrend from the 0.9790 swing low against the Swiss Franc. The USD/CHF pair made good ground and moved above the 0.9720 and 0.9750 resistance levels to settle above the 100 hourly simple moving average.
The pair traded as high as 0.9797 recently before correcting below the 38.2% Fib retracement level of the last wave from the 0.9699 low to 0.9797 high. The downside move was protected by a major bullish trend line with support at 0.9760 on the hourly chart.
Moreover, the 50% Fib retracement level of the last wave from the 0.9699 low to 0.9797 high also acted as a support along with the 100 hourly SMA. At present, the pair is moving back higher and it seems like it could soon break the 0.9790 high.
A push above the 0.9790 high could open the doors for a move above the 0.9800 level. More gains above 0.9800 will most likely call for a test of the 0.9840 level.
Originally published at — ForexGator.com.