USD/CHF stalls decline near 0.9915 on disappointing Swiss GDP
|- The CHF rally stalls as the Swiss economy contracts in third quarter.
- Broad USD weakness combined with risk-off keep USD/CHF vulnerable.
The USD/CHF pair found fresh buyers near 0.9915 in early Europe, as the Swiss franc ran through fresh offers after the Swiss economy unexpectedly contracted in the third quarter, coming in at -0.2% q/q vs. +0.4% expected and +0.7% last.
Despite the latest uptick to 0.9930 levels, the spot remains undermined amid ongoing broad-based US dollar weakness and re-emergence of the risk-off trades, as the focus shifts towards the US-China trade tensions heading into the Trump-Xi meeting scheduled tomorrow. The demand for the safe-haven Swiss franc tends to rise, as markets flock to safety in a bid to protect their capital.
Meanwhile, the US dollar could witness further weakness should the minutes of the Nov FOMC meeting show that the Fed remains cautious on further rate hike prospects while reiterating the dovish view delivered by the Fed Chair Powell a day before. In the meantime, the pair will continue to get influenced by the broader markets sentiment and USD-dynamics, as markets await the US macro updates for further momentum.
USD/CHF Technical Levels
USD/CHF
Overview:
Today Last Price: 0.9929
Today Daily change: -6.0 pips
Today Daily change %: -0.0604%
Today Daily Open: 0.9935
Trends:
Previous Daily SMA20: 1.0011
Previous Daily SMA50: 0.9932
Previous Daily SMA100: 0.9892
Previous Daily SMA200: 0.982
Levels:
Previous Daily High: 1.0006
Previous Daily Low: 0.9925
Previous Weekly High: 1.0012
Previous Weekly Low: 0.9908
Previous Monthly High: 1.0096
Previous Monthly Low: 0.9801
Previous Daily Fibonacci 38.2%: 0.9956
Previous Daily Fibonacci 61.8%: 0.9975
Previous Daily Pivot Point S1: 0.9905
Previous Daily Pivot Point S2: 0.9874
Previous Daily Pivot Point S3: 0.9823
Previous Daily Pivot Point R1: 0.9986
Previous Daily Pivot Point R2: 1.0036
Previous Daily Pivot Point R3: 1.0067
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.