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USD/CHF bounced off from 5-DMA

FXStreet (Mumbai) - The USD/CHF pair bounced off the 5-DMA located at 1.0256, but the gains remain capped around 1.0275 levels.

Eyes US ADP and Yellen speech

The US ADP report is expected to show labour market strength. Meanwhile, Fed’s Yellen and Co. due to speak today could reiterate that December is a ‘live event’.

The pair clocked a 5-year high of 1.0328 on Friday followed by a technical correction in the first two trading days of the this week. However, the spot managed to stay above the Jan 2015 high of 1.0240. Currently, the pair is trading below its hourly 100-MA at 1.0275 levels.

USD/CHF Technical Levels

At 1.0265, the immediate resistance is seen at 1.0275 (hourly 100-MA) and 1.0282 (hourly 50-MA). A break higher would expose Friday’s high of 1.0328 levels. On the downside, a break below 1.0253 (hourly chart support) could see the pair target 1.0231 (hourly 200-MA) and 1.02 levels.

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