USD/CHF Could be Eyeing to Reclaim 0.9600 Mark
The USD/CHF pair managed to build on Tuesday's recovery from multi-month lower levels and is now holding 0.9550 level.
Although
the pair has cooled off a bit from day's peak of 0.9575 it is still
trading with some marginal gains. The pair on Tuesday rebounded from a
short-term descending trend-line support and from near-term oversold
conditions. With RSI still comfortably reading above 30, disappointment
from US economic data could force the pair to resume its prior downward
momentum.
Later during the US session, US ADP jobs report and ISM non-manufacturing PMI will set the tone and direction for the pair.
Technical levels to watch
Should
the pair continue holding above 0.9550 level, it seems more likely to
break-through day's peak of 0.9575 and head towards 0.9590-0.9600
resistance area. Momentum above 0.9600 level seems to push the pair
higher towards its next major resistance near 0.9670 horizontal level.
On
the flip side, weakness back below 0.9500 round figure mark would again
expose 0.9445-40 support. Additional weakness below Tuesday's low is
likely to be short-lived and could find support near 0.9400 round figure
mark.
