USD/CHF has been volatile with bullish gains that is expected to come to an end as bearish pressure is already emerging in the market now. USD has been quite mixed amid economic reports for the last few weeks which have helped the American currency to develop a corrective volatile bullish bias. But recent positive economic reports from Switzerland engulfed the recent bullish pressure. Yesterday, Switzerland's Unemployment Rate was published with a decline to 3.1% from the previous value of 3.2% that helped the currency to gain good momentum against USD with a further bearish move in the future. On the USD side, NFP report dealt a blow to the currency on Friday. Since then, USD has not recovered yet due to the recent holiday in the market. Meanwhile, the positive unemployment report from Switzerland helps CHF to gain ground against USD. Today, FOMC Member Kaplan spoke about further monetary policy which is expected to see a hike in December. Besides, US JOLTS Job Opening report is going to be published which is expected to decrease to 6.13M from the previous figure of 6.17M. To sum up, CHF is expected to gain good momentum in the coming days against USD which is also expected to provide a proper push to the pair to have impulsive bearish pressure in the coming days. USD has softened amid the downbeat nonfarm payrolls. So until the US comes up with positive economic reports or events to help the currency gain momentum, the pair is expected to be bearish further in the coming days.
Now let us look at the technical chart. The price is currently residing above the dynamic level of 20 EMA with an engulfing candle of the last day which has shown evidence of impulsive bearish pressure in the coming. As the price remains below 0.9770, the bearish bias is expected to continue further.
