USD/CHF eases from 1-week top, back below 0.9900 handle ahead of US data

A sharp slide in the US bond yields undermined the USD demand and capped gains.
The downside remains limited amid tempered expectations of aggressive Fed easing.

Haresh Menghani FXStreet

The USD/CHF pair spiked to one-week tops, levels beyond the 0.9900 handle in the last hour, albeit quickly retreated few pips thereafter.

The pair added to this week's modest gains and continued scaling higher for the third consecutive session on Wednesday, albeit a combination of factors kept a lid on any strong follow-through.

A fresh leg of a sharp downfall in the US Treasury bond yields failed to assist the US Dollar to build on the overnight goodish up-move - supported by upbeat US retail sales data and kept a lid on the up-move.

Adding to this, the prevalent cautious mood - amid resurfacing US-China trade tensions, extended some support to the Swiss Franc's safe-haven status and further collaborating towards capping the major.

The US President Donald Trump's latest threat to impose tariffs on an additional $325 billion worth of Chinese goods weighed on investors' sentiment and boosted demand for traditional safe-haven assets.

It would now be interesting to see if the pair is able to find any fresh buying at lower levels or witness some follow-through weakness as traders now look forward to the US housing market data for a fresh impetus.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9892
Today Daily Change	0.0014
Today Daily Change %	0.14
Today daily open	0.9878

Trends
Daily SMA20	0.9846
Daily SMA50	0.9955
Daily SMA100	1.0006
Daily SMA200	0.9982

Levels
Previous Daily High	0.9895
Previous Daily Low	0.9834
Previous Weekly High	0.9952
Previous Weekly Low	0.9836
Previous Monthly High	1.0017
Previous Monthly Low	0.9693
Daily Fibonacci 38.2%	0.9872
Daily Fibonacci 61.8%	0.9857
Daily Pivot Point S1	0.9843
Daily Pivot Point S2	0.9808
Daily Pivot Point S3	0.9782
Daily Pivot Point R1	0.9904
Daily Pivot Point R2	0.993
Daily Pivot Point R3	0.9965

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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