FXstreet.com (Barcelona) - The Dollar has breaking the 1.0360 resistance against the Swiss Franc inside a recovery movement from 1.0325 that has reached intra-day high at 1.0385. The USD/CHF is currently trading around 1.0370/80, 0.35% above today's opening price action at 1.0340.
Nonfarm payrolls are expected to decline 2k in December related to the level in November, it could be the lowest level since January 2008. Expectations could be beat as informs as ADP job report has posted the small decline since March 2008, 4-week initial claims average has continued falling this week and the manufacturing ISM employment component has risen to 52.00.
The Kshitij Consultancy Service Team comments: Swiss is continuing to trade silent in a narrow range of 1.0330-70. As no significant move on either side was not seen duirng the day our view continue to remain the same. Immediate Resistance is seen at the 21-DMA (currently at 1.0365). A strong break above the 21-DMA might see a rise towards 1.0400-30 in the US session today. On the downside Support is seen at 1.0330 a break below which might pull it down towards 1.0280-50. The pair is looking mixed now and we would have to wait and watch the market to get a clear picture of the direction of move.
Valeria Bednarik, FXstreet.com collaborator, comments: NFP are expected around -3K from -11K in November, yet there is lots of speculation of a positive reading for the first time since 2007. Meaning market has too high expectations: a bad reading could tear apart dollar. An important thing to consider is the unemployment rate: is expected around 10.1% from 10.0% in November and 10.2% past October. Pay attention to any number above 10.3% or under 9.9% as if unemployment rate changes that much could lead the way; past month revisions could also me meaningful.