# NFP Setup: USD/CHF Retest (August 2, 2013)

Source: https://www.tradersway.com/resources/market-info/nfp-setup-usd-chf-retest-august-2-2013/
Language: en
Updated: 2013-08-02

Dollar strength is still persistent, as USD/CHF already broke above the falling trend line on its 1-hour time frame.



This suggests that a new trend is about to form, but that price might pull back first before heading any higher.



Using the Fibonacci retracement tool on the USD/CHF 1-hour chart shows that the Fibs are in line with the broken trend line. In particular, the 38.2% Fib level is in line with an area of interest, which has acted as support or resistance in the past.



![NFP Setup: USD/CHF Retest (August 2, 2013)]



Stochastic is in the overbought region for now, suggesting that the dollar bulls are running out of steam. Strong US NFP figures could revive the dollar rally later on though.



*By Kate Curtis from Trader’s Way*