Chart of the Day: USD/CHF

Chart of the Day: Spot USD/CHF (07/08/2020) |

From a technical perspective the Dollar Index and USDCHF both have created a double bottom and with price having exceeded yesterday’s high, provides the confirmation that perhaps a short term bullish reversal is on the horizon. The Dollar Index has long term horizontal support which will now act as resistance around 93.41 while the USDCHF long term support comes in at 0.9064 and 0.9011. Prior support turned resistance at 0.9180 on the USDCHF suggests that we could retest this level before perhaps continuing with the prevalent downtrend. The daily 9 exponential moving average on the USDCHF is at 0.91389 whilst on the Dollar Index the 9 exponential moving average is at 93.33. Based on the economic data to be announced later this afternoon, the U.S. Nonfarm Payroll (Previous 4,800,000 vs. forecast 1,600,000) and U.S. unemployment rate (previous 11.1% vs. forecast 10.5%), if better than expected numbers are announced, I anticipate a short term rally which will retest the 93.41 on the Dollar Index and 0.9180 on the USDCH.

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