USDCHF gained sharply on board-based US dollar buying. It hit an intraday high of 0.83403 and is currently trading around 0.83160. Intraday bias appears to be bullish as long as the support 0.8180 holds.
For the week of May 3, 2025, U.S. initial unemployment filings fell to 228,000, a healthier-than-expected flip from the two-month high at the previous week, and continuing claims fell to 1.88 million, indicating persistent labor market strength against economic uncertainty, new tariffs, and first-quarter GDP contraction. The unemployment rate held steady in April 2025 at 4.2%
Technical Analysis Points to Further Upside
The pair is trading below the 34-EMA and 55-EMA on the 4-hour chart indicating a minor downtrend. The immediate resistance is at 0.8350 any break above targets 0.8380/0.8435/0.8500.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8260, any violation below will drag the pair to 0.8230/0.8180/0.8135/0.8090/0.8000.
Bullish Indicators
CCI (50) - Bullish
Directional movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.8278-80 with a stop-loss at 0.823 for a TP of 0.8500.
