- US Dollar continue to surge higher against the Swiss franc until it found sellers near 1.0070.
- There is a major support trend line formed on the hourly chart, which might be seen as a buying zone.
- Today, the US Labor Market Conditions Index will be released which is expected to post a rise in October 2015.
- There is also a speech lined up by Eric Rosengren (President and CEO of the Federal Reserve Bank of Boston) that might impact the US Dollar moving ahead.
The USDCHF pair recently tested a major resistance area of 1.0060-70 that had a lot of impact on the US Dollar. The pair found sellers and started to move lower. There is a bullish trend line formed on the hourly chart, which can be considered as a major barrier for sellers if the pair moves lower.
The 50 hourly simple moving average is also positioned around the highlighted trend line, which means there is a major support around 1.0000.
Only a break below the trend line and support area may ignite a downside reaction in the near term.
US Labor Market Conditions Index
Today, the US Labor Market Conditions Index, which is the primary source of common variation among 19 labor market indicators and is also considered as an essential feature having its weight on other indicators. The last reading was 1 and there is an expectation of a minor rise this week. So, let us see how the market shapes up before and after the event.
Any setback in the index may push the US dollar lower in the short term.
Overall, as long as the USDCHF pair is above the highlighted trend line it might continue finding bids on the downside.