USD/CHF breaks range falling to three-week lows under 0.9600


  • Fed’s Powell: It is possible our rate rises could cause a recession.
  • SNB's Jordan: We may need to raise rates again.
  • USD/CHF approaches May and June lows.

After trading in a range during many sessions, USD/CHF broke to the downside falling below 0.9600, for the first time in two weeks. The US dollar weakened across the board during the American session amid an improvement in risk sentiment and lower US yields.

Key support emerges

The break under 0.9620 triggered more losses. So far USD/CHF bottomed at 0.9579, the lowest level since June 3. As of writing, it is hovering around 0.9600. The negative tone persists and the pair could test the area of the May and June lows around 0.9540.

The US dollar weakened across the board in American hours as market sentiment improved. Main US stocks indexes bounced sharply after a negative opening and are gaining by 0.45% on average. Despite stock turning positive, US yield printed fresh lows and contribute to weakening the dollar.

Fed Chair Powell is presenting the semiannual monetary policy report to Congress. He said that rate hikes won’t bring food and gas prices down. He added Fed’s rate hikes could cause a recession.

Earlier, Swiss National Bank President Thomas Jordan mentioned the central bank may need to raise interest rates again. Last week, the SNB surprised markets with an increase in its policy rate from -0.75% to -0.25%.

Technical levels

USD/CHF

Overview
Today last price 0.9592
Today Daily Change -0.0069
Today Daily Change % -0.71
Today daily open 0.9661
 
Trends
Daily SMA20 0.9716
Daily SMA50 0.9719
Daily SMA100 0.9495
Daily SMA200 0.9357
 
Levels
Previous Daily High 0.9684
Previous Daily Low 0.9632
Previous Weekly High 1.005
Previous Weekly Low 0.9619
Previous Monthly High 1.0064
Previous Monthly Low 0.9545
Daily Fibonacci 38.2% 0.9652
Daily Fibonacci 61.8% 0.9664
Daily Pivot Point S1 0.9634
Daily Pivot Point S2 0.9607
Daily Pivot Point S3 0.9582
Daily Pivot Point R1 0.9686
Daily Pivot Point R2 0.9711
Daily Pivot Point R3 0.9738

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

GBP/USD resumes upside toward 1.3300 ahead of BoE rate call

GBP/USD resumes upside toward 1.3300 ahead of BoE rate call

The GBP/USD gains traction and approaches 1.3300 in European trading on Thursday, having found buyers near 1.3150. A broad US Dollar pullback and a rebound in risk sentiment offer support to the pair ahead of the BoE policy announcements. 

GBP/USD News
EUR/USD rises further toward 1.1200, focus shifts to ECB-speak

EUR/USD rises further toward 1.1200, focus shifts to ECB-speak

EUR/USD stays strongly bid toward 1.1200 in the European session on Thursday. The pair capitalizes on a renewed US Dollar retreat and an upbeat mood. Traders digest the Fed's dovish outlook, bracing for ECB-speak for fresh trading incentives. US data are also eyed. 

EUR/USD News
Gold hovers close to new high of $2,600 after Fed meeting

Gold hovers close to new high of $2,600 after Fed meeting

Gold (XAU/USD) edges higher and trades back in the $2,580s on Thursday after falling to the $2,540s following the US Federal Reserve (Fed) decision on interest rates the prior day.

Gold News
BoE expected to keep interest rate unchanged at 5% as price pressures persist

BoE expected to keep interest rate unchanged at 5% as price pressures persist

After a close call in August, the Bank of England’s September interest rate decision is keenly awaited for fresh cues on the bank’s future policy action and the pace of its bond sales.

Read more
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures