- USD/CHF looks to close second straight day in the negative territory.
- US Dollar Index fell below 90.50 after US data.
- Wall Street's main indexes post impressive gains on Friday.
The USD/CHF pair extended its daily slide during the American trading hours and touched a daily low of 0.9013. As of writing, the pair was trading at 0.9028, down 0.35% on a daily basis.
The sharp upsurge witnessed in Wall Street's main indexes weighed on the greenback in the second half of the day and forced USD/CHF to continue to push lower. At the moment, the S&P 500 Index is rising 1.1% on a daily basis and the US Dollar Index is losing 0.4% at 90.35.
The data from the US showed on Friday that Retail Sales in April remained unchanged at $619.9 billion. Furthermore, the US Federal Reserve reported that Industrial Production expanded by 0.7%, compared to analysts' estimate of 1%, and the University of Michigan's Consumer Sentiment Index dropped to 82.8 from 88.3. Nevertheless, these uninspiring figures were largely ignored by market participants
Meanwhile, the 10-year US Treasury bond yield is falling 1% on the day, not allowing USD/CHF to stage a rebound ahead of the weekend.
Credit Suisse analysts think that a sustained move back below 0.9030 would confirm a near-term peak for USD/CHF. "Thereafter, the next levels are seen at 0.9000/8985, which stalled the market on Monday, then 0.8922/10, before 0.8871/62, which is an important price low," analysts added. "Resistance stays at the 200-day average at 0.9083/9115, which should now ideally cap to keep the risks directly lower. Above here, the next levels are seen at 0.9165.”
Additional levels to watch for
|Today last price||0.9027|
|Today Daily Change||-0.0031|
|Today Daily Change %||-0.34|
|Today daily open||0.9058|
|Previous Daily High||0.9094|
|Previous Daily Low||0.9051|
|Previous Weekly High||0.9165|
|Previous Weekly Low||0.9004|
|Previous Monthly High||0.9473|
|Previous Monthly Low||0.908|
|Daily Fibonacci 38.2%||0.9067|
|Daily Fibonacci 61.8%||0.9077|
|Daily Pivot Point S1||0.9042|
|Daily Pivot Point S2||0.9025|
|Daily Pivot Point S3||0.8999|
|Daily Pivot Point R1||0.9084|
|Daily Pivot Point R2||0.911|
|Daily Pivot Point R3||0.9126|
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.