USDCHF Resumes The Upward Move
USDCHF is trading 0.52% higher at 0.9911 resuming the positive momentum, having hit the daily low at 0.9850. Switzerland Foreign Currency Reserves fell from previous 768B to 767B in August. Switzerland’s Q2 GDP came in at 0.3% below market forecasts of 0.9% on a yearly basis. On the other side of the equation, the US ADP Employment Change, came in at 195K in August beating expectations of 149K.
The pair registered an impressive rally since August 13rd, with daily corrections, which accelerated after the pair crossed the 50 day moving average. On the upside first resistance stands at 0.9932 the 100 day moving average, a break above will drive prices up to 0.9950 before an attempt to 1.00 mark. On the downside, immediate resistance stands at 0.9850 daily low, while more bids will emerge at 0.9837 the 50 day moving average. Investors await the US Nonfarm Payroll later today for fresh trade clues.