USD/CHF dives to 0.9440 and turns negative on the day


  • US dollar's upside attempt fails below 0.9500 and the pair retreats to 0.9440.
  • The dollar loses ground amid a moderate improvement in risk sentiment.
  • USD/CHF: Important support at 0.9425/20– Credit Suisse

The dollar has lost footing during the US session, following a weak recovery attempt, which has been capped right below 0.9500 and retreated to session lows at 0.9440 area. The greenback loses ground for the second consecutive day, with positive macroeconomic data and news about progress towards a COVID-19 vaccine have eased risk aversion.

US dollar loses ground as risk aversion eases 

The greenback’s is on track to its second consecutive day in red with market sentiment lifted a string of upbeat manufacturing figures, which have boosted hopes of an economic recovery. The US Markit Manufacturing PMI has improved to 49.8 in June from 49.6 in May, which shows that the sector’s activity is recovering from the coronavirus-induced collapse.

Beyond that, news about the positive results of the coronavirus vaccine from Germany’s BioNTech has boosted market sentiment further, easing concerns about the worldwide increase of infections.

USD/CHF: Important support at 0.9425/20– Credit Suisse

The FX Strategy Team at Credit Suisse expects USD weakness to resume and points out to the 0.9425/20 a key level to accelerate the downtrend, we look for weakness to resume, with support seen initially at 0.9508, then 0.9479, ahead of 0.9442/33 and 0.9425/20, where we expect to see a first attempt to hold. Removal of here would then expose the current June low at 0.9376, beneath which would see the recently completed ‘hammer’ candlestick negated and we would then expect to see another leg lower. Support is seen thereafter at the 78.6% retracement of the March 2020 surge at 0.9337/21, where we also could see fresh buyers at first.”

USD/CHF key levels to watch

USD/CHF

Overview
Today last price 0.946
Today Daily Change -0.0012
Today Daily Change % -0.13
Today daily open 0.9472
 
Trends
Daily SMA20 0.9508
Daily SMA50 0.9622
Daily SMA100 0.9644
Daily SMA200 0.9742
 
Levels
Previous Daily High 0.9533
Previous Daily Low 0.9461
Previous Weekly High 0.9527
Previous Weekly Low 0.942
Previous Monthly High 0.9651
Previous Monthly Low 0.9376
Daily Fibonacci 38.2% 0.9489
Daily Fibonacci 61.8% 0.9506
Daily Pivot Point S1 0.9445
Daily Pivot Point S2 0.9417
Daily Pivot Point S3 0.9374
Daily Pivot Point R1 0.9516
Daily Pivot Point R2 0.956
Daily Pivot Point R3 0.9588

 

 

 

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD nears 1.19 amid mixed US data

EUR/USD is trading close to 1.19, extending its gains after ADP's private-sector report badly misses expectations with an increase of only 167,000 jobs in July. The greenback had already been falling with yields. The ISM Non-Manufacturing PMI beat with 58.1. 

EUR/USD News

XAU/USD bulls unstoppable, renews life-time highs near $2040

With ‘buy the dips’ emerging as the main underlying theme behind the gold price action so far this week, the bulls flex their muscles further to record fresh all-time highs near $2040.

Gold News

GBP/USD trades well above 1.31 amid dollar weakness

GBP/USD is advancing towards this month high at 1.3169, recovering as the dollar retreats. The UK government is under scrutiny for its management of the virus crisis. US Services PMIs are eyed. The ADP NFP missed with 167K.

GBP/USD News

ETH/BTC on retreat, BTC recovery gains traction

ETH/BTC has topped at $0.03528 on Tuesday and retreated to $0.03448 by the time of writing. The cross has lost about 1% since the start of the day. The RSI on a daily chart reversed to the downside, signaling that the price is ready for a correction from overbought territory.

Read more

WTI hits fresh two-week highs near $42.50 ahead of EIA data

WTI (futures on Nymex) extends its winning-streak into the third straight day on Wednesday, as the bulls challenge the July high of $42.51.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures