USD/CHF loses momentum before reaching parity, steadies around 0.9970
|- US Dollar Index eases from highs as trading volume thins out.
- USD/CHF remains on track to close 5th straight day higher.
The USD/CHF pair, which added more than 100 pips last week, was able to build on its bullish momentum and touch a fresh 5-week high at 0.9988 during the first half of the day on Monday before going into a consolidation phase. As of writing, the pair was up 0.16% on a daily basis at 0.9973.
Earlier in the day, the broad-based USD strength provided the primary fuel to the pair. Despite a lack of significant macroeconomic data releases, the greenback started the week on a positive note as European currencies continue to have a difficult time staging a decisive recovery amid ongoing political concerns in the UK and fears of European economy slowing down in 2019. In fact, the IMF in its latest World Economic Outlook Update lowered its euro area growth forecast to 1.6% from 1.9% announced in October.
Meanwhile, with the trading volume thinning out due to the Martin Luther King Jr. Day holiday in the U.S., it seems like the pair struggles to find enough interest to test the critical parity mark.
In the remainder of the week, market sentiment could act as the primary driver of the pair's price action as the U.S. economic docket won't be offering any high-tier data.
USD/CHF
Overview:
Today Last Price: 0.9973
Today Daily change: 0.0016 pips
Today Daily change %: 0.16%
Today Daily Open: 0.9957
Trends:
Daily SMA20: 0.9861
Daily SMA50: 0.9924
Daily SMA100: 0.9888
Daily SMA200: 0.9896
Levels:
Previous Daily High: 0.996
Previous Daily Low: 0.9931
Previous Weekly High: 0.996
Previous Weekly Low: 0.9799
Previous Monthly High: 1.0009
Previous Monthly Low: 0.979
Daily Fibonacci 38.2%: 0.9949
Daily Fibonacci 61.8%: 0.9942
Daily Pivot Point S1: 0.9939
Daily Pivot Point S2: 0.992
Daily Pivot Point S3: 0.991
Daily Pivot Point R1: 0.9968
Daily Pivot Point R2: 0.9978
Daily Pivot Point R3: 0.9997
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