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6 December 2024,02:18
Trade Of The Day
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6 December 2024, 02:18
* Dollar Retreat: The USD/CHF pair came under selling pressure as the U.S. dollar weakened due to disappointing economic data. Recent softer-than-expected ADP Non-Farm Employment Change figures and a decline in ISM Non-Manufacturing PMI heightened bearish sentiment, weighing heavily on the greenback. Moreover, the Labor Department revealed a rise in initial jobless claims to 224k, surpassing market forecasts and the previous figure of 215k. This uptick in claims added to worries about a slowing job market, exacerbating the pair’s downward trend.
* Technical Breakout: USDCHF was traded lower following recent retracement from the resistance level 0.88800. MACD which illustrate bearish bias signal suggest the pair to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 0.87050. Conversely, a potential reversal is also to be expected and the price could head back towards 0.88800.
Looking ahead, investors will turn their attention to the upcoming U.S. Nonfarm Payrolls (NFP) report for November, set to be released later today, to gain deeper insights into the current state of the labor market.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Switzerland data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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