USD/CHF consolidates around 0.9070 after bouncing up from 0.9030

US dollar recovery from 0.9030 stalls at 0.9070 area.
The dollar trims losses favoured by higher safe-haven demand
Greenback's recovery loses steam as risk aversion eases.

Guillermo Alcala FXStreet

The USD/CHF has bounced up from 0.9030 lows against the Swiss Franc, favoured by stronger US dollar demand to reach 0.9080 before consolidating around 0.9070 on the late US trading session.

US dollar picks up amid a negative market sentiment

Greenback’s reversal from 0.9165 highs earlier this week was contained right above the 0.9000 psychological level on Wednesday and the pair managed to put an end to a three-day losing streak buoyed by safe-haven demand as risk sentiment soured.

Investors’ optimism about a fiscal stimulus deal before the US Presidential Elections were crushed by Trump’s comments on Thursday blaming the Democrats for not willing to craft an acceptable agreement. This hammered appetite for risk and boosted the US dollar comeback with the Dollar Index bouncing back from seven-week highs.

USD recovery lost steam during the late North American trading session, with equity markets popping into positive territory and risk aversion easing somewhat after US House of Representatives’ Speaker, Nancy Pelosi reported some progress on the negotiations and suggested that an agreement might be reached “pretty soon”.

On the macroeconomic domain, the US jobless data contributed to easing risk aversion. The Weekly Jobless Claims data posted a larger than expected decline, with 787k last week, well below the 860K market consensus, while the previous week's reading was revised down to 842K from the 898K claims previously reported.

USD/CHF

Overview
Today last price	0.9071
Today Daily Change	0.0015
Today Daily Change %	0.17
Today daily open	0.9056

Trends
Daily SMA20	0.9163
Daily SMA50	0.913
Daily SMA100	0.9248
Daily SMA200	0.9465

Levels
Previous Daily High	0.9072
Previous Daily Low	0.9031
Previous Weekly High	0.9163
Previous Weekly Low	0.9088
Previous Monthly High	0.9296
Previous Monthly Low	0.8999
Daily Fibonacci 38.2%	0.9046
Daily Fibonacci 61.8%	0.9056
Daily Pivot Point S1	0.9034
Daily Pivot Point S2	0.9012
Daily Pivot Point S3	0.8993
Daily Pivot Point R1	0.9074
Daily Pivot Point R2	0.9093
Daily Pivot Point R3	0.9115

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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