The pair is now testing the support line and if we have a confirmation, bulls will initiate another buying wave to possible first target of 1.0037 or at least the psychological level of parity.
It is still not clear whether the support will hold as we are yet to see the latest NFP and Jobs data later today. If the data is negative, bears will most certainly sell a significant amount of US dollars thus breaking the support line. Until the data release, consolidation might be expected.
Chart: USD/CHF H4
A downward correction could be on the way.
ReplyDeleteExcellent analysis, thank you for sharing!
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteLet's see how it will develop.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteThanks for the post.
ReplyDelete