- USD/CHF rebounds to 0.9048, gaining momentum after forming a “tweezers bottom” pattern at critical support levels.
- Upcoming Nonfarm Payroll figures heighten market focus, following unexpected rise in unemployment claims.
- Technical outlook suggests potential range trading, with a critical resistance at 0.9100 and support near 0.8998.
The USD/CHF reversed course and trimmed some of its weekly losses, posting gains of over 0.36%. At the time of writing, it was exchanged at 0.9048.
US jobs data showed that more people than expected applied for unemployment benefits, which could be linked to the Los Angeles wildfires and the weather. In the meantime, traders braced for the release of US Nonfarm Payroll figures on Friday.
USD/CHF Price Analysis: Technical outlook
The USD/CHF reversed its course, forming a “tweezers bottom” chart pattern. The pair found strong support at 0.8998 at the 50-day Simple Moving Average (SMA). If buyers achieve a daily close above 0.9000, look for some range-bound trading within the 0.9040 – 0.9100 area. A breach of the top of the range will expose the February 3 high at 0.9195.
Conversely, if the USD/CHF price closes below the 50-day SMA daily, further downside is seen, as the next support would be the November 22 daily high at 0.8957, followed by 0.8900.
USD/CHF Price Chart – Daily
