USD/CHF loses steam after rejection at 0.9130 resistance

USD/CHF recovery hits resistance at 0.9130 and retreats to 0.9110 area
The dollar pares losses and remains barely changed on the day.
Speculation about Fed monetary easing in December is weighing on USD longs.

Guillermo Alcala FXStreet

US dollar’s bullish reversal from 0.9105 area witnessed during the early European session on Thursday has been capped at 0.9130 and the pair retreated to 0.9110 area, to show little change on the daily chart.

USD puts an end to a five-day decline

The greenback has appreciated on Thursday, to halt a five-day losing streak with risk appetite vanishing as COVID-19 cases continue increasing. The moderate optimism about the progress on several vaccine projects has been crushed after the US announced that its coronavirus death toll has reached 250.000 and the New York City authorities decided to close schools in an attempt to curb the surge of infections.

The US Dollar Index appreciated about 0.3% on the European trading hours to pull back and turn negative during the US session. The worsening coronavirus pandemic in the US has prompted investors to anticipate further Fed easing at December’s meeting, which is weighing on USD long bets.

On the macroeconomic domain, US Weekly Jobless Claims increased beyond expectations in the week of November 13, posting 742,000 new claims against the market consensus of 707,000. The impact of this event on the US dollar, however, has been muted.

Technical levels to watch

USD/CHF

Overview
Today last price	0.911
Today Daily Change	-0.0005
Today Daily Change %	-0.05
Today daily open	0.9115

Trends
Daily SMA20	0.9114
Daily SMA50	0.9136
Daily SMA100	0.9171
Daily SMA200	0.9406

Levels
Previous Daily High	0.9123
Previous Daily Low	0.9092
Previous Weekly High	0.9192
Previous Weekly Low	0.8984
Previous Monthly High	0.9219
Previous Monthly Low	0.9031
Daily Fibonacci 38.2%	0.9111
Daily Fibonacci 61.8%	0.9104
Daily Pivot Point S1	0.9097
Daily Pivot Point S2	0.9079
Daily Pivot Point S3	0.9066
Daily Pivot Point R1	0.9128
Daily Pivot Point R2	0.9141
Daily Pivot Point R3	0.9159

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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