- Swiss Franc outperforms during the American session.
- USD/CHF ends a positive streak with a sharp decline.
- DXY holds onto losses, on a quiet trading session.
The USD/CHF is losing more than 50 pips on Tuesday ending a positive streak for the US Dollar. The pair printed a fresh two-day low at 0.9508 during the American session on the back of a decline of the DXY and a stronger Swiss Franc.
More weakness in USD/CHF would expose the critical short-term support at 0.9495/0.9500. On the upside, immediate resistance is seen at 0.9560 followed by the 0.9600 area.
Dollar drops, Swiss Franc outperforms
The US Dollar Index is losing 0.40% on Tuesday, after rising during the previous three trading days. At the same time, equity prices in Wall Street are posting gains on a quiet session.
Regarding economic data, the US released the Richmond Fed Manufacturing Index which rose in November from -10 to -9. On Wednesday, global PMIs are due and the Federal Reserve will release the minutes of its latest meeting.
The Swiss Franc gained momentum during the American session. The EUR/CHF cross broke below 0.9800 and dropped to 0.9762, hitting the lowest since November 16. The GBP/CHF turned negative hitting levels under 1.1300 and rose to the highest level in a week above 148.60.
Technical levels
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
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.