- USD/CHF faced challenges on concerns over China’s property sector.
- Swiss Franc could gain ground on prevailing risk-off sentiment.
- Upbeat US jobless claims data seem ineffective to the US Dollar’s resilience.
USD/CHF hovers around 0.8880 during the Asian session on Friday. The Swiss Franc (CHF), being a safe-haven currency, is receiving upward support amid prevailing risk-off sentiment in the market. Additionally, the Swiss National Bank (SNB) has expressed its determination to defend the CHF through outright market purchases, adding to the pressure on the USD/CHF pair.
SNB Chairman Thomas Jordan's hawkish comments, where he does not rule out the possibility of more interest rate hikes in the future, further supporting and underpinning the strength of the Swiss Franc (CHF).
US Dollar Index (DXY) hovers around 104.30, with downward pressure due to the decline in the US Treasury yields. The yields on the 10-year and 2-year Treasury notes stand at 4.44% and 4.84%, respectively.
Moreover, the weaker US economic data seems to be ineffective to the USD's resilience. US Continuing Jobless Claims for the week ending on November 3 increased to 1.865 million, compared to the previous reading of 1.833 million. Initial Jobless Claims for the week ending on November 10 rose to 231,000, exceeding the expected 220,000.
The Federal Reserve's (Fed) pushback against expectations of rate cuts, as highlighted by Cleveland Fed President Loretta Mester, underscores the data-dependent nature of the central bank's decision-making.
Looking ahead, investors are likely awaiting key economic indicators, including Swiss Industrial Production and US housing data on Friday. These releases are expected to offer valuable insights into the economic activities of both countries, influencing market sentiment and potentially impacting trading decisions in pairs like USD/CHF.
USD/CHF: additional important levels
|Today last price||0.8882|
|Today Daily Change||-0.0009|
|Today Daily Change %||-0.10|
|Today daily open||0.8891|
|Previous Daily High||0.89|
|Previous Daily Low||0.8855|
|Previous Weekly High||0.9046|
|Previous Weekly Low||0.8954|
|Previous Monthly High||0.9244|
|Previous Monthly Low||0.8888|
|Daily Fibonacci 38.2%||0.8883|
|Daily Fibonacci 61.8%||0.8872|
|Daily Pivot Point S1||0.8864|
|Daily Pivot Point S2||0.8836|
|Daily Pivot Point S3||0.8818|
|Daily Pivot Point R1||0.8909|
|Daily Pivot Point R2||0.8928|
|Daily Pivot Point R3||0.8955|
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.