USD/CHF (current price: 0.9745)
The pair is still stuck inside a declining long-term trend channel, just below the 200-day MA despite a huge rally that followed the U.S Employment Report last Friday that propelled USD/CHF to 0.985. The Swiss economy is still outperforming the other European countries although the currency has been declining following the Brexit vote as well. The Unemployment Rate was reported at 3.3% and the Swiss export segment continues to perform well, fueling growth in the country. The short-term technical picture shows a symmetrical consolidation that might lead to a break-out in either direction.
Our assessment: The cross faces strong resistance near 0.985 which coincides with the flat 20-day MA while support is at 0.965, bordering the short-term range on the downside.
