USD/CHF forecast for February 12, 2021
The weekly time frame chart shows that the USD/CHF pair is currently retesting the previous break and the previous low of 0.90000.
For now, Dollar has not found support at 0.88000, and this may be the line that if we go below leads us to lower levels on the chart towards 0.87000, 0.86000.
For now, the moving averages of MA20 and EMA20 are the resistance on the steam chart to transition to the bullish scenario. A jump above 0.90000 gives us a sign of a possible potential continuation to higher levels until the next resistance at 0.92000.
On the daily time frame, we see a retest to 0.9000 and a drop to the moving average of the MA50, which is now current support, and on the upper side, no resistance from the MA20 and EMA20.
A break outside that triangle can show us the potential short-term direction of the trend. From the bottom, we can draw one smaller trend line, which can also be the USD/CHF pair support towards higher levels or resistance if we see a break below.
We see an upward trend in the four-hour time frame after declining from 0.87500 to 0.90500 to the now current 0.89250. the pair currently finds support for the MA200 at 0.89000 and based on that.
We can expect to see further lower growth to 0.89500, where it will meet the moving average of the MA50. We can expect resistance as we approach 0.90000, so a bullish option is only a short-term option.
From the news for the USD/CHF currency pair, we can single out the following: A report released by the Department of Labor on Thursday shows that for the first time, claims for unemployment benefits in the U.S. fell compared to the higher revised level in the week ending February 6. , but exceeded expectations.
The labor department said initial unemployment claims had fallen to 793,000, down 19,000 from last week’s revised level of 812,000. Additional fiscal stimulus and wider diffusion of vaccines will eventually allow the labor market to heal, said Nancy Vanden Houten, a leading U.S. economist at Oxford Economics.
But as January employment data showed, current conditions remain rather weak, and the decline in new unemployment claims is likely to occur only gradually in the near future.
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