- The USD/CHF slides some 0.32% in the New York session.
- The Swiss franc benefitted from weak US ISM Manufacturing PMI, gained some 50 pips.
- The USD/CHF has a neutral bias, as the DMAs remain horizontal, around the 0.9170-0.9220 area.
At the time of writing during the New York session, the USD/CHF slides, trading at 0.9159. A mixed-market mood, as portrayed by US stock indices fluctuating between gainers and losers, while the greenback gave back early gains, with its US Dollar Index grinding lower down some 0.16%, sitting at 96.06.
In the overnight session, the USD/CHF remained trading in a narrow range of 0.9170-0.9185 to react to poor US macroeconomic data, which showed that the Institute for Supply Management (ISM) Manufacturing PMI rose to 58.7, lower than the 60 estimated by analysts.
Market participants sold the US dollar, spurring a 50-pip drop in the pair, near the S1 daily pivot point at 0.9130.
In the meantime, US Treasury yields keep advancing, with the 10-year benchmark note up some four and a half basis points, at 1.675%, failing to underpin the USD/CHF, which benefitted from safe-haven flows.
USD/CHF Price Forecast: Technical outlook
The USD/CHF has a neutral bias, depicted by the daily moving averages (DMAs) with a horizontal slope residing around the spot price. However, an upslope trendline drawn from December 2020 cycle lows to the June 2021 swing lows provided support, as the downward move pierced the aforementioned, rebounded strongly towards the 200-DMA around 0.9171.
To the upside, the first resistance would be the 200-DMA. A breach of the latter would open the door for a confluence of the 50 and the 100-DMA around 0.9205-15 area, that once broken would open the door towards the December 15 cycle high 0.9294, and then the 0.9300 figure.
On the other hand, a decisive break under the 0.9150 figure would open the door for 0.9100, followed by the November 2 swing low at 0.9085 and then the psychological 0.9000.
|Today last price||0.9159|
|Today Daily Change||-0.0029|
|Today Daily Change %||-0.32|
|Today daily open||0.9188|
|Previous Daily High||0.92|
|Previous Daily Low||0.9113|
|Previous Weekly High||0.9202|
|Previous Weekly Low||0.9102|
|Previous Monthly High||0.9295|
|Previous Monthly Low||0.9102|
|Daily Fibonacci 38.2%||0.9167|
|Daily Fibonacci 61.8%||0.9146|
|Daily Pivot Point S1||0.9134|
|Daily Pivot Point S2||0.908|
|Daily Pivot Point S3||0.9046|
|Daily Pivot Point R1||0.9221|
|Daily Pivot Point R2||0.9254|
|Daily Pivot Point R3||0.9309|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.