USD/CHF rebounds toward 0.9100 after hitting two-month lows
- Swiss franc among G10 top performers on Thursday.
- DXY falls 0.32%, under 91.00 as US yields hold onto negative territory.
The USD/CHF dropped further after the beginning of the American session and bottomed at 0.9069, the lowest level since early March. The decline took place amid a weaker US dollar but also amid a stronger Swiss franc that hit multi-month highs versus the euro.
Economic data from the US showed a decline below 500K in initial jobless claims for the first time since the pandemic. The positive number offered only a small boost to the greenback that later kept falling. On Friday, the Non-farm payrolls report is due with expectations of an increase of near one million jobs in April.
In Wall Street, equity prices are rising. The Dow Jones gains 0.48% and the Nasdaq climbs 0.05%. In the Treasury market, lower yields weighed on the dollar. The 10-year stands at 1.57% after testing the weekly low at 1.56%.
Consolidation with a bearish bias
The rebound in USD/CHF took place from the 100-day moving average that stands at 0.9070. The bias remains bearish but a close clear below 0.9080 is needed to clear the way to more losses. While above, the pair could continue to move sideways between 0.9080 and 0.9140. On the upside a firm break above 0.9150 would point to further strength.
Technical levels
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
