USD/CHF prints four-day downtrend near 0.9250 as US Dollar retreats, US GDP in focus

  • USD/CHF takes offers to refresh intraday low, down for the fourth consecutive day.
  • US Dollar traces a pullback in Treasury yields amid mixed sentiment, holiday mood.
  • Firmer US data allowed greenback to recover but hawkish statements in SNB quarterly report challenged USD/CHF bulls.
  • US GDP, PCE details will be crucial for short-term directions amid holiday mood.

USD/CHF sellers keep the reins around the mid-0.9200s as they refresh intraday low during a four-day downtrend early Thursday.

The Swiss Franc (CHF) pair bounced off its weekly low the previous day before retreating from 0.9290. Even so, the quote ended Wednesday on a negative note as hawkish details of the Swiss National Bank’s (SNB) quarterly report jostled with the mixed US data.

“The level of uncertainty associated with the (Swiss GDP) forecast is still high,” said the SNB in its quarterly economic upside the previous day. The SNB also mentioned that inflation would remain elevated for the time being.

On the other hand, the US Conference Board’s (CB) Consumer Confidence jumped to the eight-month high of 108.3 for December, compared to the market forecasts of 101.0 and the revised prior readings of 101.40. However, the US Existing Home Sales for November 4.09M MoM compared to 4.2M expected and 4.43M prior.

Elsewhere, Ukrainian President Volodymyr Zelensky’s US visit and Russian President Vladimir Putin’s readiness to increase the country’s military potential challenge the risk appetite.

Additionally, the Bank of Japan’s second unscheduled bond buying and a retreat in the US Treasury yields recently exerted downside pressure on the US Dollar and weighed on the USD/CHF prices.

Given the latest US Dollar pullback and the holiday mood, the US Gross Domestic Product (GDP) for the third quarter (Q3) and Core Personal Consumption Expenditure (PCE) details for Q3 will be important for immediate directions. Forecasts suggest that the US GDP will confirm 2.9% Annualized growth in Q3 while the Core PCE is anticipated to also meet the initial forecasts of 4.6% QoQ during the stated period.

Technical analysis

A sustained U-turn from the 10-DMA hurdle, around 0.9300 by the press time, directs USD/CHF towards a five-week-old descending resistance line near 0.9175.

Additional important levels

Today last price 0.9253
Today Daily Change -0.0014
Today Daily Change % -0.15%
Today daily open 0.9267
Daily SMA20 0.9372
Daily SMA50 0.9637
Daily SMA100 0.967
Daily SMA200 0.9645
Previous Daily High 0.929
Previous Daily Low 0.9239
Previous Weekly High 0.938
Previous Weekly Low 0.9216
Previous Monthly High 1.0148
Previous Monthly Low 0.9357
Daily Fibonacci 38.2% 0.9258
Daily Fibonacci 61.8% 0.927
Daily Pivot Point S1 0.9241
Daily Pivot Point S2 0.9214
Daily Pivot Point S3 0.919
Daily Pivot Point R1 0.9292
Daily Pivot Point R2 0.9316
Daily Pivot Point R3 0.9342



Share: Feed news

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.

Recommended content

Recommended content

Editors’ Picks

AUD/USD bounces back from five-month lows

AUD/USD bounces back from five-month lows

AUD/USD ends its three-day decline on Wednesday, bouncing back from levels not seen since mid-November. Nevertheless, hawkish remarks from Federal Reserve officials and the influx of safe-haven flows could bolster the US Dollar and potentially limit the upside of pair in the short term.


USD/JPY trades with mild losses below 155.00 on risk-aversion

USD/JPY trades with mild losses below 155.00 on risk-aversion

USD/JPY trades with mild losses near 154.65 on Wednesday during the early Asian trading hours. The robust US economy and sticky inflation data have triggered the expectation that the Fed might delay the easing cycle to September from June, which provides some support to the US Dollar.


Gold ascends but remains shy of testing $2,400 amid hawkish Fed remarks

Gold ascends but remains shy of testing $2,400 amid hawkish Fed remarks

Gold prices edged higher late in North American session, gaining 0.22% following a hawkish tilt by Fed Chair Jerome Powell. Economic data from the United States was mixed, though Monday’s Retail Sales report and Powell’s remarks kept US Treasury yields higher, capping the yellow metal’s advance.

Gold News Price Prediction: FET must hold above $1.70 for strength Price Prediction: FET must hold above $1.70 for strength is trading with a bearish bias. It comes as chatter about the proposed integration with the Ocean Protocol and the SIngularityNET ecosystem remains fresh.

Read more

UK CPI March Preview: Inflation pressures to dissipate further, adding to bets of BoE rate cuts

UK CPI March Preview: Inflation pressures to dissipate further, adding to bets of BoE rate cuts

The March UK CPI report will be released by the Office for National Statistics on Wednesday. United Kingdom’s headline and core annual inflation are set to ease in March. The UK CPI report could hint at the BoE’s interest rate cut, rocking the Pound Sterling.

Read more