USD/CHF advances to fresh monthly highs above 0.9800

SNB says it stepped up FX interventions amid coronavirus outbreak.
US Dollar Index extend rally beyond 102 on Thursday.
Weekly Jobless Claims from US is coming up next.

Eren Sengezer FXStreet

The USD/CHF pair gained nearly 100 pips on Wednesday and preserved its bullish momentum on Wednesday boosted by ongoing USD-buying. As of writing, the pair was trading at its highest level in a month at 0.9805, adding 1.3% on a daily basis.

SNB leaves policy rate unchanged

Earlier in the day, the Swiss National Bank (SNB) announced that it kept its policy rate steady at -0.75% as expected. Commenting on the policy outlook, SNB Chairman Jordan said that the fiscal policy was central to combat the crisis but acknowledged that the SNB stepped up FX interventions since the coronavirus outbreak began to weigh on the CHF.

On the other hand, the strong demand for the greenback on funding-stress concerns provided an additional boost to the pair.

The US Dollar Index, which added more than 3% during the first half of the week, continues to rise sharply on Thursday and was last seen at its highest level since January 2017 at 102.33, adding 1.4% on the day.

In the early trading hours of the American session, participants will be paying close attention to the weekly US Jobless Claims and Philly Fed Manufacturing Index data for fresh clues regarding the impact of the coronavirus on the economy.

Technical levels to watch for

USD/CHF

Overview
Today last price	0.9801
Today Daily Change	0.0117
Today Daily Change %	1.21
Today daily open	0.9684

Trends
Daily SMA20	0.9581
Daily SMA50	0.9667
Daily SMA100	0.9761
Daily SMA200	0.9818

Levels
Previous Daily High	0.9751
Previous Daily Low	0.9566
Previous Weekly High	1.189
Previous Weekly Low	0.9183
Previous Monthly High	0.9851
Previous Monthly Low	0.9609
Daily Fibonacci 38.2%	0.968
Daily Fibonacci 61.8%	0.9637
Daily Pivot Point S1	0.9583
Daily Pivot Point S2	0.9482
Daily Pivot Point S3	0.9398
Daily Pivot Point R1	0.9768
Daily Pivot Point R2	0.9852
Daily Pivot Point R3	0.9953

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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