USD/CHF extends slide toward 0.99 as US stocks suffer heavy losses


  • Today's upbeat data from the U.S. fails to help the greenback.
  • US Dollar Index stays in red near 95.70.
  • Wall Street falls sharply on Monday amid disappointing earnings data.

The USD/CHF pair came under a renewed pressure in the second half of the day and fell to a 10-day low of 0.9906. As of writing, the pair was down 0.11% on the day at 0.9913.

In the absence of significant macroeconomic data releases on Monday, the markets' risk perception became the primary driver of pair's price action. Major equity indexes in Europe closed the day in the negative territory and Wall Street opened sharply lower to reflect the dismal market mood. Disappointing Q4 earnings results from Caterpillar amid weak China demand revived concerns over a global economic slowdown and weighed on stock markets. As of writing, the Dow Jones Industrial Average was losing 1.4% on the day and the Nasdaq Composite was down 1.8%.

Today's data from the United States showed that the Chicago Fed's National Activity Index improved slightly in December and the Dallas Fed Manucatruig Index recovered to 1 in January from -5.1 in December. Despite these positive readings, however, the US Dollar Index struggled to stage a recovery and was last seen down 0.12% on the day at 95.70.

On Tuesday, trade balance data from Switzerland will be released, which is unlikely to receive a significant market reaction from the market. Ahead of Wednesday's critical FOMC meeting, market sentiment could continue to impact the pair.

Key technical levels

USD/CHF

Overview:
    Today Last Price: 0.9913
    Today Daily change %: -0.11%
    Today Daily Open: 0.9924
Trends:
    Daily SMA20: 0.988
    Daily SMA50: 0.9914
    Daily SMA100: 0.9901
    Daily SMA200: 0.9904
Levels:
    Previous Daily High: 0.9976
    Previous Daily Low: 0.9922
    Previous Weekly High: 0.9991
    Previous Weekly Low: 0.9922
    Previous Monthly High: 1.0009
    Previous Monthly Low: 0.979
    Daily Fibonacci 38.2%: 0.9942
    Daily Fibonacci 61.8%: 0.9955
    Daily Pivot Point S1: 0.9906
    Daily Pivot Point S2: 0.9887
    Daily Pivot Point S3: 0.9852
    Daily Pivot Point R1: 0.9959
    Daily Pivot Point R2: 0.9994
    Daily Pivot Point R3: 1.0013

 

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