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The USDCHF is hesitating going into today's highly anticipated monthly US Non-Farm Payrolls (NFP) at 830am EST. After almost 3 weeks of gains, and considering how the USDCHF is bumping up against upchannel resistance (on the 4hr chart), the USDCHF may suffer a bit of profittaking today post-NFP. Nevertheless, the USDCHF's February rebound off downchannel support (on the weekly chart) and its decisive rally higher this week above the January-February downtrend resistance will keep any post-NFP pullback relatively shallow. The bigger picture is that the USDCHF remains within a clear downchannel (on the weekly chart) but presents a decent likelihood of continuing its rebound in the next few months towards the same downchannel's resistance. The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to go long in the green zone (of the daily chart), targeting the red zone for early next week. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).
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