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1 Aug 2018

USD/CHF Technical Analysis: Converging trend-lines point to a short-term bullish set-up

• The pair struggled to build on overnight goodish rebound from near four-week lows and faced rejection at 100-period SMA on the 4-hourly chart.

• Bulls, however, managed to hold the pair above the 0.9900 handle following the release of better-than-expected ADP report on the US private sector employment.

• Meanwhile, formation a falling wedge chart pattern on the 4-hourly chart (converging trend-lines) support prospects for additional near-term up-move.

USD/CHF 4-hourly chart

Spot rate: 0.9914
Daily Low: 0.9897
Daily High: 0.9934
Trend: Medium-term bullish

Resistance
R1: 0.9934 (current day swing high)
R2: 0.9945 (falling wedge hurdle)
R3: 0.9958 (R3 daily pivot-point)

Support
S1: 0.9897 (50-period SMA H1)
S2: 0.9877 (S2 daily pivot-point)
S3: 0.9824 (100-day SMA)

Aug 1, 2018

US: Private sector employment increased by 219,000 jobs in July - ADP

"Private sector employment increased by 219,000 jobs from June to July," the ADP stated in its latest report. This reading surpassed the market expect

EUR/USD pares losses, trades just below 1.1700 on ADP

The single currency managed to stage a moderate rebound from the 1.1675/70 band and is now pushing EUR/USD to the vicinity of 1.1700 the figure in the