Forex: USD/CHF surges to 0.9366/68 after payrolls in US

FXstreet.com (Barcelona) - The USD/CHF successfully rebounded off a trough formed earlier during European trading Friday, having bottomed out effectively at 0.9303 (session low), the cross has barreled ahead to 0.9366/68 at the time of writing, up +0.28% after the US data.

According to the ICN.com Technical Analyst Team, “Although the USD/CHF failed to hold above 0.9360 it still managed to stabilize above Linear Regression Indicators; eying a breakout above 0.9380. The upside move is expected today as far as 0.9245 support holds, and over intraday basis stability above 0.9295 is required to keep bullish expectations valid.”

In the United States, Nonfarm Payrolls (April) came in at 165K, vs. a projection of 145K, and compared to 88K previously. In addition, the Unemployment Rate (April) came in at 7.5%, against expectations of 7.6%.

According to the Mataf.net Technical Analyst Team, the USD/CHF is slated to face short-term support at 0.9286, followed by 0.9227, and finally 0.9189. On the ascension, the pair will encounter means of resistance at 0.9383, then 0.9421, and 0.9480.