USD/CHF bulls await a decisive break through parity mark ahead of NFP

Haresh Menghani FXStreet

• A modest USD uptick helps regains traction on the last trading day of the week.
• Focus remains on the keenly watched NFP report, for fresh directional impetus.
• Sustained move beyond the parity mark needed to confirm further up-move.

After yesterday's brief pause, the USD/CHF pair caught some fresh bids on Friday and gearing up to make a fresh attempt towards conquering the parity mark.

The US Dollar stalled its post-FOMC retracement slide and has now turned higher, which eventually helped the pair to regain positive traction for the fourth session this week.

This coupled with a positive trading sentiment around European equity markets was seen weighing on the Swiss Franc's safe-haven appeal and further collaborated to the pair's uptick closer to Wednesday's near 6-month tops.

It, however, remains to be seen if the buying interest is strong enough to lift the pair beyond the parity mark, above which a bout of short-covering now seems to pave the way for an extension of the pair's recent strong bullish trajectory.

Investors' focus on Friday will remain glued to the keenly watched US monthly jobs report, popularly known as NFP, which should influence the USD price dynamics and provide some fresh directional impetus.

Technical levels to watch

A convincing break through the parity mark is likely to accelerate the up-move towards Nov. 2017 swing highs resistance near the 1.0035-40 region, above which the pair seems all set to continue climbing higher in the near-term.

On the flip side, the 0.9965-55 region now seems to have emerged as an immediate support, which if broken might prompt some aggressive long-unwinding trade and drag the pair back towards the 0.9900 handle en-route 0.9880-75 support.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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