- US Dollar Index gains 0.15% but greenback still down versus commodity and EM currencies.
- USD/CHF turns positive after trading at the lowest since July 1.
The USD/CHF pair erased losses and turned positive for the day amid a stronger US Dollar across the board. The greenback printed fresh highs versus European currencies but remained in negative territory versus commodity and Emerging market currencies.
Previously USD/CHF bottomed at 0.9816, the lowest in two weeks. It rebounded and rose to 0.9850, matching Asian session highs. As of writing it is testing the 0.9850 resistance area, holding a bullish bias in the very short term.
Data released today from the US helped the greenback. The NY Empire State Index rebounded sharply, from -8 to 4.2, above the 2 expected. The greenback strengthened versus its European rivals and despite a decline in US yields.
Has it bottomed?
Today’s rebound could signal that a very short-term bottom is in place. After USD/CHF reached 0.9816 it rebounded and turned positive. A close around current levels would be positive and far from the lows, potently setting a “bullish hammer”. A slide back below 0.9825/30 would reinforce the bearish momentum, exposing daily lows and the 0.9800 area.
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.