USDCHF gained momentum after upbeat US jobs data. It hit an intraday low of 0.82058 and is currently trading around 0.82636. Intraday bias appears to be bullish as long as the support 0.8180 holds.
The US April 2025 Non-Farm Employment Change registered a gain of 177,000 jobs, which was better than the 130,000-145,000 consensus, although lower than the revised March figure of 185,000. The unemployment rate remained at 4.2%, while average hourly pay increased 0.3% month-on-month. This better-than-expected growth in jobs alleviates near-term pressure on the Federal Reserve to lower rates next month, even though the labor market indicates signs of decelerating relative to last year.
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 downtrend. The immediate resistance is at 0.8265 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.
Bullish Indicators
CCI (50) - Bullish
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.
