USD/CHF is expected to trade with bullish bias as key support is seen at 0.9760. The pair is trading below its 20-period and 50-period moving averages, while the relative strength index is below its neutrality level at 50. Nevertheless, 0.9760 is playing a key support role, which should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extent should be limited. The U.S. Labor Department reported that employers added 156,000 non-farm payrolls in September, lower than +172,000 expected, and jobless rate rose to 5.0% (vs. 4.9% expected) from 4.9% in August. Growth in August payrolls was revised upward to +167,000 from +151,000.
As long as the key level at 0.9760 is not broken, look for a technical rebound toward 0.9810. A break above this level would call for a further advance toward 0.9835.
Resistance levels: 0.9810, 0.9835, 0.9885
Support levels: 0.9730, 0.9700, 0.9645
