The Dollar rose against most of its major currency pairs on Monday. This comes about as falling global equity markets and economic deterioration in Japan and Europe, which are more serious than the slowdown in the U.S., have boosted safe-haven demand for the U.S currency.
Nevertheless, the U.S. has also released gloomy economic data. Last Friday’s report showed that the U.S. unemployment rate rose to a high of 8.1% in February, as employers cut 651,000 jobs. This reveals that the U.S. has the highest unemployment rate since 1983.
Analysts expected weak figures from the U.S. to lead market participants to take positions against the USD in Monday’s trading. However, in many respects, much the opposite has happened.
USDCHF is exhibiting strong short term bullish signals. Going long on USDCHF would be the right strategy for today.
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