USD/CHF is expected to further advance. The pair bounced off its support base around 1.0075 this morning, helped by a bullish gap. The relative strength index is displaying strong bullish momentum, and calls for further advance. In addition, a bullish cross has been identified between the 20-period and 50-period moving averages. On the economic data front, change in nonfarm payrolls grew 178k in November (estimated 180k) from 142k in the previous month (revised from 161k). On the other hand, change in manufacturing payrolls decreased 4k in November (forecasted -2k) compared with a decrease of 5k (revised from -9k). In other news, the unemployment rate came out to 4.6% in November (estimated 4.9%) from 4.9% in the prior month.
Hence, as long as 1.0100 is not broken, likely advance to 1.0200 and 1.0250 in extension.
Resistance levels: 1.0200, 1.0250, 1.0280
Support levels: 1.0075, 1.0050, 1.0005
The material has been provided by InstaForex Company – www.instaforex.com
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