USD/CHF hits fresh highs as USD demand returns ahead of NFP
The bid tone around the US dollar keeps growing bigger, driving USD/CHF further into the positive territory above 0.99 handle.
USD/CHF near 10-DMA at 0.9919
Currently, the USD/CHF pair trades 0.15% higher near fresh session highs of 0.9920, bouncing-off a brief dip below 0.99 handle earlier on the day. The major found renewed bids just ahead of 0.99 barrier over the last hour and picked-up significant pace as the US dollar regained recent bullish momentum against its major rivals amid growing preference to hold the US currency ahead of the US NFP data due later in the NA session.
The greenback also got a fresh boost from upbeat comments from Chicago Fed President Evans, noting that he sees two rate hike this year, while he also expects ‘a good number’ from the US jobs data due today. Meanwhile, the US dollar index flipped to gains and now trades +0.06% higher at 95.61 levels.
The US non-farm payrolls number is forecast to stay at 160,000, with the unemployment rate projected to improve to 4.9%. Traders will pay attention to average hourly earnings figures as well.
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USD/CHF Technical Levels
To the upside, the next resistance is located at 1.0000 (parity) and above which it could extend gains to 1.0043 (Feb 28 High). To the downside, immediate support might be located at 0.9855 (200-DMA) and below that 0.9809 (100-DMA).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
