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Franc Strengthens after the Publication of Data on the Labor Market

1/10/2023 12:49 PM

Against the backdrop of a depreciation of the American currency, the USD/CHF pair is trading in a corrective trend around 0.9208.

Frank remains stable, supported by yesterday's data on the national labor market: according to the report of the State Secretariat for Economic Affairs of Switzerland (SECO), unemployment in the country decreased during 2022 from 2.3% to 1.9%, and in December the number of unemployed persons amounted to 96.941K, which is 24.787K less than the same period a year earlier. The number of applicants reached 167,904K, 41,772K lower than the previous figure, and the overall unemployment rate lost 0.8%, renewing at least over the past 20 years at 2.2%.

The US dollar is falling below 103.000 in the USD Index for the first time since June on the back of a disappointing payroll report. Tomorrow, US Federal Reserve Chairman Jerome Powell will speak, and investors are expecting in his speech possible hints of a slowdown in monetary stimulus tightening, focusing on a significant decrease in interest rate futures over the past week.

On the daily chart of the asset, the trading instrument declines, forming a local downward corridor with dynamic boundaries of 0.9000–0.9300.

Technical indicators maintain a stable sell signal: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram forms corrective bars in the sell zone.

Resistance levels: 0.9280, 0.9410. | Support levels: 0.9168, 0.9020.

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