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USD/CHF tests 0.99 following upbeat ADP employment data

  • Private sector employment in the U.S. increases by more than expected.
  • US Dollar Index fails to take advantage of the data.
  • Markets to focus on Wall Street's opening bell.

After adding 70 pips on Wednesday, the USD/CHF pair struggled to preserve its bullish momentum today and continues to trade below 0.9900 despite the upbeat employment data from the U.S. As of writing, the pair was down 20 pips on the day at 0.9880.

The monthly data published by the ADP today revealed that the private sector employment in the U.S. increased by 271K in December following November's 157K reading (revised from 179K) and surpassed the market expectation of 178K. On the other hand, weekly jobless claims rose by 10K to 231K for the week ending December 28. Although the initial reaction to the data lifted the US Dollar Index to a session high of 96.75, the DXY quickly reversed its course and was last seen down 0.1% on the day at 96.55. A 0.5% drop witnessed in the 10-year T-bond yield seems to be weighing on the greenback.

The impact of yesterday's flash crash caused by a wave of risk aversion amid Apple's dismal Q1 sales outlook on Wall Street today will be watched closely. The S&P 500 futures is down more than 1% and points to a negative start. A heavy sell-off in stocks could allow the CHF to gain strength against its rivals in the second half of the day.

Technical levels to consider


    Today Last Price: 0.9885
    Today Daily change: -17 pips
    Today Daily change %: -0.172%
    Today Daily Open: 0.9902
    Previous Daily SMA20: 0.9905
    Previous Daily SMA50: 0.9967
    Previous Daily SMA100: 0.9884
    Previous Daily SMA200: 0.9879
    Previous Daily High: 0.9921
    Previous Daily Low: 0.9796
    Previous Weekly High: 0.9964
    Previous Weekly Low: 0.979
    Previous Monthly High: 1.0009
    Previous Monthly Low: 0.979
    Previous Daily Fibonacci 38.2%: 0.9873
    Previous Daily Fibonacci 61.8%: 0.9844
    Previous Daily Pivot Point S1: 0.9825
    Previous Daily Pivot Point S2: 0.9748
    Previous Daily Pivot Point S3: 0.97
    Previous Daily Pivot Point R1: 0.995
    Previous Daily Pivot Point R2: 0.9998
    Previous Daily Pivot Point R3: 1.0075


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