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Market Analysis

Home » Technical Analysis » Daily » USDCHF To Extend Its Upside Move?

USDCHF To Extend Its Upside Move?

Posted by FXTimes in Daily - July 21st, 2016 1:37 pm GMT

dollar1

Key Points

  • The US Dollar slowly and steadily moved higher against the Swiss Franc after trading as low as 0.9765.
  • There are a couple of bullish trend lines formed on the hourly chart of the USDCHF pair, providing support to the USD buyers.
  • In the US today, the Initial Jobless Claims was released by the US Department of Labor.
  • The result was above the forecast, as there was a decrease from 254K to 253K, compared with the forecast of 265K.

Technical Analysis

The US Dollar looks like is in an uptrend against the Swiss Franc, as after trading as low as 0.9765 it found bids and traded higher. There are a couple of bullish trend lines formed on the hourly chart of the USDCHF pair, acting as a support area.

USDCHF

The pair is also trading around the 21 hourly simple moving average. A successful close above it could ignite more gains in USDCHF.

Buying dips can be considered as long as the pair is above the highlighted trend lines and support area.

US Initial Jobless Claims

Today in the US, the Initial Jobless Claims, which is a measure of the number of people filing first-time claims for state unemployment insurance was released by the US Department of Labor. The forecast was slated for a rise from 254K to 265K.

However, the outcome was above the forecast, as there was a decrease to 253K. The report stated that “In the week ending July 16, the advance figure for seasonally adjusted initial claims was 253,000, a decrease of 1,000 from the previous week’s unrevised level of 254,000. The 4-week moving average was 257,750, a decrease of 1,250 from the previous week’s unrevised average of 259,000“.

Overall, the report was positive, and may help the US Dollar to gain traction in the short term.

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