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Forex: USD/CHF approaches Friday's high of 0.9463

Investors are cheering the US ADP employment change data, that added 198K jobs in February, instead of 170K, and revised January's figure from 192K to 215K. The greenback is pushing the USD/CHF further higher, approaching Friday's high of 0.9463.

“The CHF was the G10 laggard on the back of rumors that the Hungarian central bank may look for support form the SNB in converting CHF loans”, wrote TD Securities analysts.

“I think today the price may form the third descending impulse and break the channel downwards to reach the target at 0.9370”, wrote Roboforex.com analyst Igor Sayadov. “Later, in my opinion, the pair may reach a new maximum and then start forming a reversal structure for a new descending trend”, he added.

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