USD/CHF adds to previous day's SNB-inspired heavy losses, drops to two-week low

USD/CHF witnessed selling for the third straight day and dropped to a two-week low on Friday.
The SNB’s surprise 50 bps rate hike continued underpinning the CHF and exerted some pressure.
Bulls seemed rather unaffected by a goodish pickup in the USD demand and the risk-on impulse.

Haresh Menghani FXStreet

The USD/CHF pair met with a fresh supply near the 0.9710 area on Friday and dropped to a two-week low during the mid-European session. The pair was last seen trading around the 0.9630 region, down 0.35% for the day.

The Swiss National Bank (SNB) joined other major central banks in tightening the monetary policy and delivered a surprise interest rate hike of 50 bps on Thursday. In the accompanying policy statement, the SNB left the door open for further rate hikes to counter rising inflationary pressures, which continued lending support to the Swiss franc. This, in turn, was seen as a key factor that exerted downward pressure on the USD/CHF pair for the third successive day.

The ongoing decline seemed rather unaffected by the emergence of fresh buying around the US dollar, bolstered by expectations that the Fed would stick to its policy tightening path to curb soaring inflation. Even the risk-on impulse, which tends to drive flows away from the safe-haven CHF, failed to lend any support to the USD/CHF pair. With the latest leg down, spot prices have now retreated 430 pips from the vicinity of the YTD high, around the 1.0050 region touched on Wednesday.

Some follow-through selling below the 0.9600 round-figure mark would be seen as a fresh trigger for bearish traders and set the stage for additional near-term losses for the USD/CHF pair. Market participants now look forward to the US economic docket, featuring Industrial Production and Capacity Utilization Rate. This, along with the USD price dynamics and the broader market risk sentiment, might provide some meaningful trading impetus to the USD/CHF pair ahead of an extended weekend in the US.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9634
Today Daily Change	-0.0032
Today Daily Change %	-0.33
Today daily open	0.9666

Trends
Daily SMA20	0.9715
Daily SMA50	0.9698
Daily SMA100	0.9482
Daily SMA200	0.935

Levels
Previous Daily High	0.999
Previous Daily Low	0.963
Previous Weekly High	0.9898
Previous Weekly Low	0.9606
Previous Monthly High	1.0064
Previous Monthly Low	0.9545
Daily Fibonacci 38.2%	0.9767
Daily Fibonacci 61.8%	0.9852
Daily Pivot Point S1	0.9534
Daily Pivot Point S2	0.9402
Daily Pivot Point S3	0.9174
Daily Pivot Point R1	0.9894
Daily Pivot Point R2	1.0121
Daily Pivot Point R3	1.0253

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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