Market Focus: US & Canadian Employment Data – USDCHF

สิงหาคม 7, 2020
by Joseph Jeffriess, Market Analyst

Hi traders, being the first Friday of the month we will see US and Canadian employment data released later today. We also take a look at the USDCHF daily chart as buyers have started to form a low.

Another possible influence that remains unresolved is the next U.S stimulus. It remains in the White House with the Democrats and Republicans failing to make headway on some of the key points. President Trump said he is ready to sign orders extending enhanced unemployment benefits for the jobless and imposing a payroll tax holiday for employers and workers.

In terms of employment data, markets are looking for drop-in employment change from last month but better figures on the unemployment side.  The U.S. average earning is seen to increase from -1.2% to -0.5%

The USDCHF is currently seeing the second day of gains and has started to form support low from the 0.9080/82, this level was tested by sellers earlier before buyers fought back adding 0.23% (current). Depending on what we see from today’s jobs data, and for any further ideas on a possible USDCHF rally we would like to see buyers hold this level.

 News to come:

10:30 pm AEST US & Canadian Employment data, US Average Earnings Data

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