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Swiss Labor Market Data Provided Local Support to the Franc

12/9/2022 12:53 PM

Due to the continued decline in the US currency, the USD/CHF pair is trading in a corrective trend around 0.9340.

The downward dynamics of the asset are developing against the backdrop of political changes in the leadership of Switzerland: the two chambers of the Federal Assembly have elected a new president of the country, which is the current Minister of the Interior Alain Berset, who will take office on January 1, 2023, and will act for 12 months. Experts do not predict fundamental changes in the current political system since the position of the president in the country is more nominal, and the Federal Council makes the main decisions. In terms of local dynamics, investors welcomed the data on the labor market, which reflected a decrease in the unemployment rate, seasonally adjusted to 2.0% from 2.1% earlier: at the end of November, 91,327K unemployed were registered, which is higher than 1,691K a month earlier, which is a seasonal factor that does not affect the indicator.

The US dollar fell to 104.500 in the USD Index against another increase in the total jobless claims, which rose this week to 1.671M from 1.609M a week earlier, facilitated by an increase in initial jobless claims to 230.0K from 226.0K.

On the daily chart of the asset, the trading instrument continued its global decline and broke the previous low at 0.9410.

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

Resistance levels: 0.9410, 0.9580. | Support levels: 0.9270, 0.9110.

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