The U.S. Dollar (USD) inched higher against the Swiss Franc (CHF) on Thursday, increasing the price of the USDCHF to more than 0.9400, ahead of the release of the U.S. Nonfarm Payrolls news. The technical bias remains bullish because the price of the pair printed a higher low in the recent downside move.
As of this writing, the USDCHF strengthens around 0.9437. The price of the pair is likely to face some resistance near the listed price levels.
0.9458 – the major horizontal resistance
0.9500 – the psychological number
0.9532 – the high of June 30, 2020
On the downside, the price might find some sustainability near the given below support levels.
0.9403 – the low of March 31, 2020
0.9388 – the lower trendline arm
0.9300- the psychological level
U.S. Nonfarm Payrolls News
The U.S. Bureau of Labor Statistics anticipates releasing numbers for the U.S. Nonfarm payroll data on April 02, 2021. Economists expect improvement in the payroll data for March. Analysts believe that the Nonfarm payroll news might register a reading of 639K in March, as compared to the reading of 379K, in the month before.
The U.S. Nonfarm payroll data provides an estimate of the total number of jobs created during the previous month. Because the payroll data keeps changing every month owing to Central Bank’s economic decisions, it carries increased volatility. It is worth mentioning here that Payrolls figures are also subject to strong reviews that may create some more volatility in the forex market. Generally speaking, a high payroll reading suggests a bullish trend for the USDCHF pair and vice versa.
Given the macro-economic outlook of the pair over the past few days, buying the pair around 0.9400 might help to make some quick profits in the short to medium-term.