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Forex: USD/CHF trading at 0.9048/49 following US data

The broad decline of the USD/CHF managed to come to a halt as the American session began in anticipation of the US data, after falling below the 0.9100 level and multiple supports during European trading Friday. However in the aftermath of the data, the pair was trading at 0.9048/49, down -0.56% at the time of writing.

In the US, the highly anticipated Nonfarm Payrolls came in at 157K in January, against expectations of 160K, and relative to 155K previously. In addition, the Unemployment Rate (January) was reported at 7.9%, against estimates calling for 7.8%.

In terms of the technical levels, the technical analyst team at ICN.com points to supports at 0.9040 onto 0.9010 and finally 0.8980. Conversely, a move higher in the USD/CHF exchange above the 0.9080 level will encounter additional resistances at 0.9100 followed by 0.9130.

“The USD/CHF dropped further and is moving closer to the key descending support; MACD is also trading below line 0. Therefore, we remain neutral today to confirm whether the key support at 0.9010 levels will stop the downside move or break it.” notes the ICN.com analysts.

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