USD/CHF hangs near 2-month lows, just above 0.9900 handle


   •  A modest USD rebound helped find some support near the 0.9900 handle.
   •  Risk-off mood underpinned CHF and kept a lid on the attempted recovery.
   •  SNB policy decision/upbeat US economic data do little to impress bulls.

The USD/CHF pair struggled to register any meaningful recovery and remained within striking distance of over two-month lows, set in the previous session.

The Fed, in its latest monetary policy update on Wednesday, indicated there will be no more rate hikes in 2019 and also downgraded its economic outlook. The US central bank further said the unwinding of its balance sheet would end in September and triggered a broad-based US Dollar sell-off.

The pair extended its recent retracement slide from near four-month tops and tumbled to sub-0.9900 level for the first time since January 17, albeit showed some resilience at lower levels. A modest USD rebound did provide a minor intraday lift, albeit lacked any strong bullish conviction.

The prevalent risk-off mood, as depicted by heavy losses across European equity markets and reinforced by sliding US Treasury bond yields, was seen underpinning the Swiss Franc's relative safe-haven status and turned out to be one of the key factors that kept a lid on any meaningful recovery for the major. 

Meanwhile, today's SNB decision passed rather unnoticed, as did the US economic data - stronger Philly Fed manufacturing index and initial weekly jobless claims data, through help limit further downside/deeper losses, at least for the time being. 

Technical levels to watch

USD/CHF

Overview
Today last price 0.9916
Today Daily Change -0.0010
Today Daily Change % -0.10
Today daily open 0.9926
 
Trends
Daily SMA20 1.0025
Daily SMA50 0.9991
Daily SMA100 0.9968
Daily SMA200 0.9922
 
Levels
Previous Daily High 1.0011
Previous Daily Low 0.9894
Previous Weekly High 1.012
Previous Weekly Low 1.001
Previous Monthly High 1.01
Previous Monthly Low 0.9921
Daily Fibonacci 38.2% 0.9939
Daily Fibonacci 61.8% 0.9966
Daily Pivot Point S1 0.9877
Daily Pivot Point S2 0.9827
Daily Pivot Point S3 0.976
Daily Pivot Point R1 0.9993
Daily Pivot Point R2 1.006
Daily Pivot Point R3 1.011

 

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