USD/CHF dives below 0.9100 to test October's lows at 0.9085


  • USD/CHF rejected at 0.9160 resistance area, retreats to levels sub-0.9100.
  • The US dollar tests four-week lows at 0.9085.
  • The deterioration of the market sentiment does not help the greenback.

The dollar was rejected again from the resistance area around 0.9160 and lost footing against the Swiss Franc during the Europea session on Monday. The pair has given away nearly 0.5% so far today to test four-week lows at 0.9085.

The positive market mood hurts dollar demand

The greenback depreciated across the board earlier on Monday, weighed by investors' optimism during the Asian and European sessions. The upbeat GDP figures in China plus the comments from Nancy Pelosi over the weekend, suggesting the possibility of a stimulus deal, and drugmaker Pfizer reporting that the coronavirus vaccine might be available before the year-end have boosted risk appetite, weighing on the US dollar.

In absence of relevant macroeconomic figures, the US dollar gave away last week’s moderate gains to reach session lows at 0.9090, only a handful of pips shy of early October lows at 0.9085.

Market optimism, however, vanished during the US session, with news reports cooling hopes of a fiscal stimulus deal, with, US Secretary of State, Mike Pompeo stirring global trade fears further after announcing sanctions to China and Hong Kong. Markets have reacted with risk aversion to the news. Equity indexes turned negative, with the US dollar regaining lost ground al;though the USD/CHF has not been able to return above 0.9100 at the time of writing.  

Technical levels to watch

USD/CHF

Overview
Today last price 0.91
Today Daily Change -0.0047
Today Daily Change % -0.51
Today daily open 0.9147
 
Trends
Daily SMA20 0.9181
Daily SMA50 0.9134
Daily SMA100 0.9264
Daily SMA200 0.9474
 
Levels
Previous Daily High 0.9162
Previous Daily Low 0.9123
Previous Weekly High 0.9163
Previous Weekly Low 0.9088
Previous Monthly High 0.9296
Previous Monthly Low 0.8999
Daily Fibonacci 38.2% 0.9147
Daily Fibonacci 61.8% 0.9138
Daily Pivot Point S1 0.9126
Daily Pivot Point S2 0.9105
Daily Pivot Point S3 0.9087
Daily Pivot Point R1 0.9165
Daily Pivot Point R2 0.9183
Daily Pivot Point R3 0.9204

 

 

 

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

AUD/USD recovers above 0.6750 after Australian jobs data

AUD/USD recovers above 0.6750 after Australian jobs data

AUD/USD picks up a late bid and recovers above 0.6750 in Asian trading on Thursday, following the release of mixed Australian employment data. The extended post-Fed US Dollar recovery, amid a cautious market mood, could limit the pair's upside ahead of US data. 

AUD/USD News
USD.JPY jumps toward 144.00 on the road to recovery

USD.JPY jumps toward 144.00 on the road to recovery

USD/JPY gains traction and approaches 144.00 in Thursday's Asian session. The uptick of the pair is bolstered by the impressive US Dollar recovery. Investors shift their attention to the US data and the Bank of Japan interest rate decision on Friday. 

USD/JPY News
Gold price remains on the defensive amid the post-FOMC USD recovery from YTD low

Gold price remains on the defensive amid the post-FOMC USD recovery from YTD low

Gold price struggles to lure buyers despite the Fed’s jumbo interest rate cut on Wednesday. A further recovery in the US bond yields underpins the USD and caps the non-yielding metal. Concerns about an economic slowdown, along with geopolitical risks, help limit the downside.

Gold News
Ethereum attempts recovery following first rate cut in four years

Ethereum attempts recovery following first rate cut in four years

Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.

Read more
Australian Unemployment Rate expected to hold steady at 4.2% in August

Australian Unemployment Rate expected to hold steady at 4.2% in August

The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.

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