The pair was little changed in the Asian session today. However, could the USDCHF pair continue the upward trend? Find out from the following analysis.
8 October, OctaFX – The Swiss Franc was little moved ahead of key employment data from Switzerland. Shortly after the European markets open, Switzerland will release employment numbers which are expected to show that the national unemployment rate remained unchanged at 2.4%.
This number has not changed in the past four months.
Could USDCHF Upward trend Continue?
The USDCHF pair was little changed in the Asian session today. It is trading at 0.9913, which is slightly lower than last week’s high of 0.9955. The pair has found a strong resistance around this level.
The 21-day and 14-day Exponential Moving Averages (EMA) are showing signs that the upward momentum could be ending. The RSI has moved from the overbought level of 70 and is currently at 64. The pair could continue the upward trend until it reaches parity.
This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.