Today we had the release of the anticipated US Non-farm payrolls. The forecast was slightly above the previous fact at 160K. Investors had mixed signals from previous reports, such as the ADT NFP rose by 195K in August, but on the other hand the ISM indicator showed a regression in employment activity.
Looking at a 1H TF on USD CHF we see that traders were more on the optimistic side. The pair has actually been trading bullish since the opening of yesterday September 5th. This is partly due because yesterday the United States and China agreed to continue high-level talks in early October in Washington.
Non-farm payrolls were released at a sharp decline, worse than expected and previous fact at 130K and the pair followed suit, dropping to the 38.2 Fibo level. On a 4HTF, I have identified a local trend line that corresponds with the bottom of the Ichimoku Cloud. The price is above the cloud and we see a Golden TK Cross.
We have to closely follow any new updates on the US-Sino trade war, as comments from both sides tend to have an effect on the USD. We have to keep in mind, that a slowing US economy is setting the stage for the FED on September the 18th.
Next week we will see Unemployment figures from Switzerland on Monday at 5:45 GMT. JOLTs Job Openings from the US on Tuesday at 14:00 GMT. US Producer Price Index on Wednesday the 11th of September and Switzerland PPI the following day the 12th at 6:30 GMT, following that at 12:30 we have US CPI and Jobless Claims. And then on Friday the 13th US Retail Sales at 12:30 GMT.
If the price enters the cloud and starts moving to the downside, we’ll watch the trend line. If the price breaks the trend line down, we have a target area at 23.6% Fibo at 0.97935, following that I would recommend watching out for this local area of support around 0.97140 and then our lowest low at 0.96598.
Growth targets are at 50% Fibo 0.99431 and following that 61.8% Fibo at 1.00099.
Looking at a 1H TF on USD CHF we see that traders were more on the optimistic side. The pair has actually been trading bullish since the opening of yesterday September 5th. This is partly due because yesterday the United States and China agreed to continue high-level talks in early October in Washington.
Non-farm payrolls were released at a sharp decline, worse than expected and previous fact at 130K and the pair followed suit, dropping to the 38.2 Fibo level. On a 4HTF, I have identified a local trend line that corresponds with the bottom of the Ichimoku Cloud. The price is above the cloud and we see a Golden TK Cross.
We have to closely follow any new updates on the US-Sino trade war, as comments from both sides tend to have an effect on the USD. We have to keep in mind, that a slowing US economy is setting the stage for the FED on September the 18th.
Next week we will see Unemployment figures from Switzerland on Monday at 5:45 GMT. JOLTs Job Openings from the US on Tuesday at 14:00 GMT. US Producer Price Index on Wednesday the 11th of September and Switzerland PPI the following day the 12th at 6:30 GMT, following that at 12:30 we have US CPI and Jobless Claims. And then on Friday the 13th US Retail Sales at 12:30 GMT.
If the price enters the cloud and starts moving to the downside, we’ll watch the trend line. If the price breaks the trend line down, we have a target area at 23.6% Fibo at 0.97935, following that I would recommend watching out for this local area of support around 0.97140 and then our lowest low at 0.96598.
Growth targets are at 50% Fibo 0.99431 and following that 61.8% Fibo at 1.00099.