USD/CHF surges beyond 0.9600 after US NFP data


  • USD/CHF gained nearly 100 pips during the American session.
  • Nonfarm Payrolls in the US unexpectedly rose by more than 2 million in June.
  • Wall Street's main indexes register strong gains on risk rally.

The USD/CHF pair spent the first half of the day moving sideways near 0.9550 but gained traction during the American session and climbed to a daily high of 0.9651. Although the pair erased a small portion of its gains, it's still up 0.75% on the day at 0.9625.

NFP report boosts USD and sentiment

The highly-anticipated labor market report published by the US Bureau of Labor Statistics on Friday revealed that Nonfarm Payrolls (NFP) in May increased by 2.5 million in May. This reading came in much better than the market expectation for a decline of 8 million and helped the greenback gather strength against its rivals. Moreover, the Unemployment Rate dropped to 13.3% from 14.7%.

With the initial reaction to the jobs report, the US Dollar Index (DXY) erased its daily losses and turned positive on the day near 97.00. 

Meanwhile, Wall Street's main indexes opened the day sharply higher on Friday and made it difficult for the CHF to find demand as a safe-haven. At the moment, the Dow Jones Industrial Average is up 3.4% on the day and the Nasdaq Composite and the S&P 500 are rising 1.65% and 2.7%, respectively. 

However, the upbeat market mood also seems to be weighing on the USD and allowing the pair to retreat from highs. Nevertheless, the DXY is clinging to small daily gains near 96.80 and looks to snap its eight-day losing streak.

Technical levels to watch for

USD/CHF

Overview
Today last price 0.9625
Today Daily Change 0.0070
Today Daily Change % 0.73
Today daily open 0.9555
 
Trends
Daily SMA20 0.9675
Daily SMA50 0.9683
Daily SMA100 0.9682
Daily SMA200 0.9778
 
Levels
Previous Daily High 0.9624
Previous Daily Low 0.9544
Previous Weekly High 0.9736
Previous Weekly Low 0.9602
Previous Monthly High 0.9784
Previous Monthly Low 0.9589
Daily Fibonacci 38.2% 0.9574
Daily Fibonacci 61.8% 0.9593
Daily Pivot Point S1 0.9524
Daily Pivot Point S2 0.9494
Daily Pivot Point S3 0.9444
Daily Pivot Point R1 0.9605
Daily Pivot Point R2 0.9655
Daily Pivot Point R3 0.9685

 

 

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