The USD/CHF pair has been advancing strongly since the 3rd of May 2016, with the bulls lifting the price from as low as 0.9445 to as high as 0.9735.
After reaching the daily high of 0.9735 on Monday, the pair corrected to the downside, ending the day at 0.9710. Today, the major attempted to rise again, but retreated to 0.9713 during the early European session, as a report released earlier showed that the Swiss unemployment rate rose to 3.5% in April from 3.4% in March. Investors will be monitoring a speech by FOMC’s William Dudley and the NFIB index later in the day.
In the event that the pair keeps falling and breaks above 0.9666, the price could find support at 0.9644 and 0.9623 in extension.
On the flip side, in the scenario where the price manages to break above the 0.9735 area, the price could go up to 0.9766 and 0.9789 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.