USD/CHF consolidates below the parity mark, moves little post-Swiss GDP

USD/CHF failed to capitalize on the overnight positive move.
US-China tensions over Hong Kong bills exerted some pressure.
Better-than-expected Swiss GDP did little to influence the pair.

Haresh Menghani FXStreet

The USD/CHF pair lacked any firm directional bias on Thursday and remained confined in a narrow trading band, below the parity mark post-Swiss GDP figures.

The pair failed to capitalize on the previous session's goodish positive move to near two-month tops and witnessed a modest pullback during the Asian session on Thursday. The latest optimism over US-China trade talks faded rather quickly after the US President Donald Trump signed two bills supporting Hong Kong’s pro-democracy demonstrators.

Fresh tensions between the world's two largest economies weighed on the global risk sentiment. The same was evident from a softer tone surrounding equity markets, which underpinned the Swiss franc's (CHF) perceived safe-haven status and turned out to be one of the key factors that exerted some downward pressure on the major.

Meanwhile, the CHF bulls seemed rather unimpressed by the latest Swiss GDP report, which showed that the economy expanded by 0.4% during the July-September quarter as against 0.2% expected. Adding to this, the yearly growth rate stood at 1.1% as compared to 0.2% previous and consensus estimates pointing to a 0.8% rise.

Given a muted market reaction, the downside is likely to remain limited, at least for the time being. Market participants might also be reluctant to place any aggressive bets amid relatively thin liquidity conditions on the back of Thanksgiving Day holiday in the United States.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9992
Today Daily Change	-0.0002
Today Daily Change %	-0.02
Today daily open	0.9994

Trends
Daily SMA20	0.9923
Daily SMA50	0.9927
Daily SMA100	0.9885
Daily SMA200	0.9948

Levels
Previous Daily High	1.0001
Previous Daily Low	0.9969
Previous Weekly High	0.9981
Previous Weekly Low	0.9868
Previous Monthly High	1.0028
Previous Monthly Low	0.9837
Daily Fibonacci 38.2%	0.9989
Daily Fibonacci 61.8%	0.9981
Daily Pivot Point S1	0.9975
Daily Pivot Point S2	0.9956
Daily Pivot Point S3	0.9943
Daily Pivot Point R1	1.0007
Daily Pivot Point R2	1.002
Daily Pivot Point R3	1.0039

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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