USD/CHF defends weekly lows near 0.9230 amid USD broad-based sell-off

USD/CHF grinds lower on Thursday in the Asian session.
Lower US Treasury yields drag the US dollar near 94.00.
Swiss franc gains are limited on risk-on sentiment.

Rekha Chauhan Independent Analyst

The USD/CHF pair edges lower on Thursday in the Asian session. The pair fell from the high above 0.9300 in the US session in more than 70-pip movement. At the time of writing, USD/CHF is trading at 0.9235, down 0.05% for the day.

The move was sponsored by the sell-off in the greenback. Investors digested higher US Consumer Price Index (CPI) and insights of the FOMC minutes. The US CPI edged up 5.4% in September, beating market expectations of 5.3%. In addition to that, the minutes from the September FOMC meeting suggested that the policymakers are on the course of the gradual tapering process from mid-November that should be concluded around the middle of 2022.

Meanwhile, US Federal Reserve Governor Michelle Bowman also supported the beginning of the withdrawal of some of the central bank’s crisis-era support for the economy as soon as November. The greenback remained unfazed by the comments.

As for now, traders are looking for Swiss Producer and Import Prices, US Producer Price Index (PPI), and US Initial Jobless Claims to take fresh trading insight.

USD/CHF additional levels

USD/CHF

Overview
Today last price	0.9235
Today Daily Change	-0.0007
Today Daily Change %	-0.08
Today daily open	0.9242

Trends
Daily SMA20	0.9278
Daily SMA50	0.9212
Daily SMA100	0.9163
Daily SMA200	0.913

Levels
Previous Daily High	0.931
Previous Daily Low	0.9235
Previous Weekly High	0.9318
Previous Weekly Low	0.9231
Previous Monthly High	0.9368
Previous Monthly Low	0.9116
Daily Fibonacci 38.2%	0.9264
Daily Fibonacci 61.8%	0.9282
Daily Pivot Point S1	0.9215
Daily Pivot Point S2	0.9188
Daily Pivot Point S3	0.914
Daily Pivot Point R1	0.929
Daily Pivot Point R2	0.9338
Daily Pivot Point R3	0.9365

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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