USD/CHF edges lower toward 0.8950 as USD struggles to find demand


  • USD/CHF came under modest bearish pressure in American session.
  • US Dollar Index continues to push lower as risk flows dominate the markets.
  • Wall Street's main indexes post strong gains after the opening bell.

The USD/CHF pair rose to a daily high of 0.9003 during the European trading hours but lost its traction with the greenback struggling to find demand in the second half of the day. As of writing, the pair was down 0.2% on a daily basis at 0.8959.

DXY edges lower on Monday

In the absence of significant fundamental drivers, the USD's market valuation continues to impact USD/CHF's movements. After Wall Street's main indexes opened decisively higher on Monday, risk flows continue to dominate the markets and force the USD to stay on the back foot. 

At the moment, the S&P 500 and the Nasdaq Composite indexes are up 1% and 1.65%, respectively. Meanwhile, the US Dollar Index (DXY) is losing 0.25% on the day at 89.79.

The only data from the US revealed on Monday that the Federal Reserve Bank of Chicago's National Activity Index fell to 0.24 in April from 1.71 in May. 

There won't be any other data releases from the US in the remainder of the day and investors are likely to remain focused on risk perception. Cleveland Federal Reserve President Loretta Mester and Atlanta Federal Reserve President Raphael Bostic are scheduled to deliver speeches later in the session. 

Technical levels to watch for

USD/CHF

Overview
Today last price 0.896
Today Daily Change -0.0021
Today Daily Change % -0.23
Today daily open 0.8981
 
Trends
Daily SMA20 0.9064
Daily SMA50 0.9195
Daily SMA100 0.9092
Daily SMA200 0.9079
 
Levels
Previous Daily High 0.9
Previous Daily Low 0.8954
Previous Weekly High 0.9048
Previous Weekly Low 0.8954
Previous Monthly High 0.9473
Previous Monthly Low 0.908
Daily Fibonacci 38.2% 0.8983
Daily Fibonacci 61.8% 0.8972
Daily Pivot Point S1 0.8957
Daily Pivot Point S2 0.8932
Daily Pivot Point S3 0.891
Daily Pivot Point R1 0.9003
Daily Pivot Point R2 0.9025
Daily Pivot Point R3 0.905

 

 

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