Recently USD/CHF has been quite corrective in nature after the price broke above the 0.97 resistance after breaking it below with a daily close. Currently, the price is residing inside a corrective range area between 0.97 to 0.98. CHF has been dominating USD since the negative employment report of USD this month and CHF is expected to dominate further if the upcoming CHF economic reports come out positive. Today CHF Trade Balance report is going to be published which is expected to rise to 2.44B from previous value of 1.97B and as the export demand and currency demand is directly linked for which a positive Trade Balance reports is expected to provide more strength to CHF to gain against USD in the future. On the USD side today, Unemployment Claims report is going to be published which is expected to rise to 241k from the previous figure of 237k, as the expectation is quite negative on the USD, positive Trade Balance report is expected to help CHF to gain further in the coming days. If the USD Unemployment Claims report comes out better than expected then the price is expected to remain inside the range of 0.97-0.98 area in the coming days until any high impact economic events of the currencies publish in the future.
Now let us look at the technical view, the price is currently residing between the range of 0.97 to 0.98 area. As a strong bearish trend in place and recent impulsive bearish move in this pair, currently more bearish movement in this pair is expected but a daily close below 0.97 will confirm the further downward movement in this pair with a target towards 0.9550 support area. The bearish bias will continue until the price breaks above 0.98 resistance level with a daily close above it.
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