USD/CHF goes into consolidation after rising to two-week highs above 0.9200


  • USD/CHF stays relatively quiet after closing in the green on Tuesday.
  • US Dollar Index is moving sideways near 93.00.
  • Wall Street's main indexes look to build on Tuesday's gains.

After failing to close the day above 0.9200 on Monday, the USD/CHF pair gained traction and reached its highest level since July 8 at 0.9233 on Tuesday. With the market action turning subdued in the absence of high-tier data releases and fundamental drivers, the pair seems to have cone into a consolidation phase and was last seen trading flat at 0.9217.

DXY rally loses steam

The USD's market valuation continues to impact USD/CHF's movements in the first half of the week. The US Dollar Index (DXY) closed the fourth straight trading day in the positive territory on Tuesday and advanced to its highest level since early April at 93.19 on Wednesday. At the moment, the index is moving sideways around 93.00.

However, the sharp rebound witnessed in Wall Street's main indexes limited the DXY's upside. The S&P 500 Index rose 1.5% on Tuesday and made it difficult for the greenback to preserve its strength. Currently, S&P Futures are up 0.45%, suggesting that the bullish momentum in US stocks is likely to remain intact after the opening bell.

The US economic docket will not be offering any data in the remainder of the day and the risk perception is likely to continue to impact currency valuation. 

Technical levels to watch for

USD/CHF

Overview
Today last price 0.9217
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 0.9216
 
Trends
Daily SMA20 0.9196
Daily SMA50 0.9091
Daily SMA100 0.9164
Daily SMA200 0.9073
 
Levels
Previous Daily High 0.9233
Previous Daily Low 0.9172
Previous Weekly High 0.9204
Previous Weekly Low 0.9118
Previous Monthly High 0.9262
Previous Monthly Low 0.8926
Daily Fibonacci 38.2% 0.921
Daily Fibonacci 61.8% 0.9195
Daily Pivot Point S1 0.9181
Daily Pivot Point S2 0.9146
Daily Pivot Point S3 0.9121
Daily Pivot Point R1 0.9242
Daily Pivot Point R2 0.9268
Daily Pivot Point R3 0.9302

 

 

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