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USD/CHF falls to three-months lows as USD tumbles after FOMC meeting

  • US dollar tumbles across the board during Powell’s press conference, after the FOMC meeting. 
  • USD/CHF about to test September lows, around 0.9800. 

The USD/CHF is falling sharply for the third day in a row and is about to post the lowest daily close since early September. The pair dropped modestly after the Federal Reserve (Fed) announced its decision, but later it accelerated the decline amid a sell-off of the US dollar. 

US yields move lower despite signs of no more rate cuts

The Fed, as expected, kept the interest rate unchanged at 1.50-1.75%. The statement contained no significant changes from the October meeting and the projections from FOMC members showed they don’t see moves in rates next year. 

Despite the rate path projected from the “dot plot,” US yields turned lower, weakening the greenback across the board. The US Dollar Index fell toward 97.00 and is on its way to the lowest close since July. 

The weaker greenback pushed USD/CHF sharply lower. The pair bottomed so far at 0.9813, the lowest intraday level since September 5. If the decline continues, the next key support is located at 0.9795/0.9800 (September lows). 

More levels 

USD/CHF

Overview
Today last price0.9835
Today Daily Change-0.0007
Today Daily Change %-0.07
Today daily open0.9842
 
Trends
Daily SMA200.9918
Daily SMA500.9924
Daily SMA1000.989
Daily SMA2000.9944
 
Levels
Previous Daily High0.9883
Previous Daily Low0.9833
Previous Weekly High1.0009
Previous Weekly Low0.9855
Previous Monthly High1.0024
Previous Monthly Low0.985
Daily Fibonacci 38.2%0.9852
Daily Fibonacci 61.8%0.9864
Daily Pivot Point S10.9822
Daily Pivot Point S20.9802
Daily Pivot Point S30.9772
Daily Pivot Point R10.9872
Daily Pivot Point R20.9903
Daily Pivot Point R30.9922

Author

Matías Salord

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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