6) USDCHF

Technical Analysis (MA, RSI, STOCH, MACD, ADX)

• M30 - DOWN
• H1 - UP
• H4 - UP
• D1 - UP
• W1 - UP
• MN - UP

• Resistance: 0.9350, 0.9400, 0.9450
• Support: 0.9250, 0.9206, 0.9125

The currency pair was trading quite actively yesterday, the main direction was ascending. The dollar recovered its lost ground after three falls, rebounding from the lows of 0.9230 and returning to levels near the round value of 0.9300.
The Swiss franc as a safe haven lost ground amid moderate risk appetite and some strengthening of the US dollar. Apparently, the topics related to the Chinese giants Evergrande and Fantasia Holdings Group are still putting pressure on the markets, but since no new information has been received yet, they are gradually being 'forgotten'. Concerns over the US debt ceiling also eased slightly, and the dollar index rose 0.20%. It is difficult to say that now in the market, according to the Fear-Greed indicator, the level of fear is decreasing, globally it is still Risk-OFF, but not extreme fear, the value is 27.

The growth of the currency pair is associated with the growth in the yield of US bonds, which has been going on since the end of September, when the Fed made it clear that in November it could begin to reduce monthly bond purchases. In fact, the benchmark yield on 10-year US government bonds hit their highest level in more than three months. Meanwhile, expectations of a faster rise in inflation fueled speculation about a Fed rate hike as early as 2022. However, it remains to be seen if the bulls can capitalize on this move or choose to take some gains ahead of Friday's main monthly US employment report this week.

Switzerland did not publish anything yesterday, the Swiss macroeconomic calendar for this week is generally empty.
In the US, however, a fairly negative trade balance for August was published, which showed a wider than expected deficit of $ 73.3 billion. On the other hand, the official ISM Service PMI rose to 61.9 in September, much better than the 60 expected.

Today we are waiting for the first of a series of important reports: Change in the number of employed in the non-agricultural sector from ADP in September, everyone knows that the data from ADP recently does not strongly correlate with the official data of the Ministry of Labor, but still this report is able to cause serious volatility!
Tomorrow we follow the weekly data on the number of Initial Jobless Claims
Friday:
- Nonfarm Payrolls (Sep) - USD
- US Unemployment Rate (Sep) - USD

In terms of the prospects for the movement, as we noted earlier, as long as the currency pair is below the important resistance level of 0.9400, then we will adhere to the idea that the market is sideways. Only after the breakdown of the level of 0.9400 can we say more confidently that the bulls have taken the upper hand in the currency pair.
Market sentiment is again neutral. The fundamental assessment speaks of an exclusively upward movement, but before the breakdown of the 0.9400 confirmation level, the currency pair is technically in a sideways trend.

Technically, the currency pair may start forming a local upward structure with the target of the 0.9350 test, after consolidating around the round level 0.9300.

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