FxWirePro- EURGBP Trade Idea

1. USD/CHF Rallies on US Jobs Data: Eyes on 0.8300 and Beyond

USDCHF trades flat despite upbeat US jobs data.It hits an intraday low of 0.82189 and is currently trading around 0.82590. Intraday bias appears to be bullish  as long as the support 0.8180 holds. 

The U.S. April 2025 Non-Farm Payrolls (NFP), released on May 2, 2025, reported decelerating employment expansion with a rise of 177,000 jobs, lower than a revised 185,000 in the prior month, while the unemployment rate held steady at 4.2%. Significant job gains were seen in health care, transport and warehousing, financial activities, and social assistance, but federal government jobs fell. Median hourly earnings increased 0.3% from last month and 3.8% over the year, and the average workweek continued at 34.3 hours.

Technical Analysis Points to Further Upside

The pair is trading below the 34-EMA and  55-EMA on the 4-hour chart  indicates a minor down trend. The immediate resistance is at 0.8280 any break above  targets 0.8300/0.8350/0.8380/0.8500.

Support Levels and Potential Declines

On the downside, near-term support is around 0.8180, any violation below will drag the pair to 0.8135/0.8090/0.8000.

 Indicators

CCI (50) - Bearish

Directional movement Index -  Neutral

Trading Strategy Recommendation

It is good to buy on dips around 0.8230 with a stop-loss at 0.8180 for a TP of 0.8500.