GBPUSD and USDCHF both move back toward converged moving averages

Both the GBPUSD and USDCHF moved in the strong dollar direction after the US jobs report, but both have retraced back to near converged 100/200 hour moving averages. However, traders leaned against the converge moving averages and have pushed the prices back away.

Looking at the GBPUSD, the 100 and 200 hour moving averages come at 1.2575 area. The high price just reached 1.2572. The current price is back down at 1.2539 after the successful hold against the moving average level.

For the USDCHF, it spike up to a high of 0.9642 soon after the report, but has since retraced back down to a low of 0.95993. It near converged 100 and 200 hour moving averages are at 0.9599. The price has bounced back up to 0.9619.

Price action can be volatile on US employment day. The move higher in the dollar against both GBP and CHF CHF The Swiss franc or Confoederatio Helvetica (CHF) is the official currency of Switzerland and Liechtenstein. The CHF is currently the seventh most-traded currency in the world and is treated as a significant reserve currency.Unlike other currencies in the world’s leading economies, the CHF was notable for its currency peg with the euro (EUR). Started in 2011, the Swiss National Bank (SNB) pegged the CHF to the EUR at a minimum exchange of 1.2.At the time, the peg was justified due to the strong C The Swiss franc or Confoederatio Helvetica (CHF) is the official currency of Switzerland and Liechtenstein. The CHF is currently the seventh most-traded currency in the world and is treated as a significant reserve currency.Unlike other currencies in the world’s leading economies, the CHF was notable for its currency peg with the euro (EUR). Started in 2011, the Swiss National Bank (SNB) pegged the CHF to the EUR at a minimum exchange of 1.2.At the time, the peg was justified due to the strong C Read this Term reached target levels. For the GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term, the price briefly dipped below support at 1.2524, but could not sustain momentum. For the USDCHF, it rose above the highs from yesterday at 0.96373 but quickly reversed back down toward the moving averages.

Nevertheless, staying below the moving averages on the GBPUSD, and above the moving averages on the USDCHF keep the bias in the favor of the USD in the short term at least.