FxWirePro: USD/CHF Daily Outlook

USD/CHF has shown a good recovery of more than 100 pips in the previous week and continuing its bullish trend. The pair jumped more than 40 pips for the day on account of broad based US dollar buying. US economy has added only 157000 jobs for the month of Jul compared to forecast of 193000 and unemployment rate declines below 4% and wage growth are steady at 2.7%.. But upward revision 248000 shows that labor market is growing at stronger pace. The trade war tensions is slightly supporting Swiss franc but policy divergence between Fed and SNB will prevent further downside. It hits intraday high of 0.99644 and is currently trading around 0.99780.

The near term resistance is around 0.99780 and any break above will take the pair to next level till 1.000/1.00680. Any bullish continuation only above 1.00680.

On the lower side, minor support is around 0.9950 and any violation below will drag the pair down till 0.9900/0.9860/0.9835 (100- day MA)/0.9780 (Jun 7th 2018 low)/0.9755.

It is good to buy on dips around 0.9925-30 with SL around 0.9870 for the TP of 1.000/1.00680.