USD/CHF hits fresh three-week lows under 0.9850


  • Risk aversion favors the Swiss Franc against the US Dollar on Friday. 
  • Euro and Swissy among top performers of the week, both consolidating weekly gains versus Greenback. 

The USD/CHF pair dropped further during the American session and bottomed at 0.9848, hitting the lowest level since September 24. As of writing, trades at 0.9855, down 20 pips for the day and more than a hundred from the level it had a week ago. It is the worst week for the Greenback since early August. 

The US Dollar was affected by rising expectations of rate cuts from the Federal Reserve and Brexit developments. On Saturday is the meaningful vote in the UK Parliament. On Thursday will be the European Central Bank meeting, the last one with Mario Draghi as president. 

ECB meetings usually affect the Euro, although many times the Swiss Franc is more impacted in terms of price action. Regarding the next meeting, ING analysts consider it will be about two main things: “Mario Draghi’s farewell after eight years at the helm of the ECB and an escalation of the controversy and quarrels within the Governing Council. One could clearly overshadow the other. In terms of policies, don’t expect any changes or any hints at further steps.”

USD/CHF hits the 200-week moving average 

The USD/CHF found support so far around the 0.9850, where the 200-week moving average stands. A weekly close under that level would point to further losses and to a test of 0.9800. 

If the Dollar manages to hold on top, some consolidation should be expected for the next days. The immediate resistance might lie at 0.9895/0.9900 and then 0.9955. 

USD/CHF

Overview
Today last price 0.9855
Today Daily Change -0.0026
Today Daily Change % -0.26
Today daily open 0.9881
 
Trends
Daily SMA20 0.9941
Daily SMA50 0.9882
Daily SMA100 0.9877
Daily SMA200 0.9956
 
Levels
Previous Daily High 0.9959
Previous Daily Low 0.9866
Previous Weekly High 0.9991
Previous Weekly Low 0.9904
Previous Monthly High 0.9988
Previous Monthly Low 0.9797
Daily Fibonacci 38.2% 0.9902
Daily Fibonacci 61.8% 0.9923
Daily Pivot Point S1 0.9845
Daily Pivot Point S2 0.9809
Daily Pivot Point S3 0.9752
Daily Pivot Point R1 0.9938
Daily Pivot Point R2 0.9995
Daily Pivot Point R3 1.0031

 


 

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