Bottom line:  USDCHF short term outlook remains bearish against 0.9900 levels. Bears might be preparing to resume lower towards 0.9345/0.9445 zone at least.

Fundamental Outlook:

The Non-Farm Payrolls coming out today at 08:30 AM EST and the COVID-19 effects shall remain decisive for USD outlook against its counterparts. The NFP is expected to print lower jobs, (around -100K Vs 273K) followed by an increase in the Unemployment Rate (3.8% Vs 3.5%).

This could drag the USD lower against most majors. Also the rising casualties (over 5000 now) due to  COVID-19 spread in the U.S, would downplay the economic conditions going forward.

Major beneficiary could be Gold, if the NFP prints lower. We can witness a short term spike in Gold prices that could test $1640/50 levels again.

Technical Analysis:

USDCHF bears might be poised to resume lower as the single currency pair might have carved a lower high around 0.9750 levels. The drop could reach 0.9450 at least and up to 0.9340 levels, going forward.

Please note that the fibonacci 0.618 support of the previous rally between 0.9184 and 0.9900 levels is seen at 0.9450, and a bullish bounce may appear. We would re-access the situation and decide on further potential direction.

At the moment, most traders might be willing to initiate fresh short positions around 0.9750/60 levels, with protective stop just above 0.9900 and projected target towards 0.9440 and 0.9340 respectively. Please note that a continued drop below the 0.9340 levels would confirm that USDCHF is headed below 0.9185 lows, going forward.

Alternately, USDCHF might continue to rally from current levels (0.9740/45) and manage to break past 1.0027 resistance (October 03, 2019 highs). In this case, the bearish outlook would be nullified and it might be safe to buy USDCHF on dips going forward. 

Prepared by

Harsh Japee, Technical Analyst.

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！

免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。