USD/CHF refreshes session lows, around 0.9670 amid notable USD supply


  • USD/CHF failed to capitalize on its early uptick amid a broad-based USD weakness.
  • The USD bulls failed to gain any respite from Thursday’s mixed US macro releases.
  • Worsening US-China relations benefitted the safe-haven CHF and weighed further.
  • The upbeat mood in the equity markets helped limit deeper losses, at least for now.

The USD/CHF pair retreated around 40 pips from the mid-European session swing high and refreshed daily lows, around the 0.9680 region in the last hour.

The pair failed to capitalize on its attempted intraday positive move, instead met with some fresh supply near the 0.9720 region amid some renewed US dollar selling bias. The already weaker sentiment surrounding the greenback deteriorated further after the first revision of the US GDP came in to show a contraction of 5.0% in the January-March period as compared to 4.8% estimated previously.

The dismal GDP print was accompanied by slightly higher-than-expected Initial Weekly jobless claims, which showed over 2.1 million Americans filed for unemployment-related benefits during the week ending May 23rd. Separately, Durable Goods Orders slumped by 17.2% MoM in April. The reading was better than consensus estimates, albeit did little impress bulls or provide any immediate respite to the USD.

Apart from a broad-based USD weakness, concerns about a further escalation in diplomatic tensions between the United States and China further benefitted the Swiss franc's perceived safe-haven status. However, the upbeat market mood around the equity markets, supported by the optimism over a potential COVID-19 vaccine and hopes of a global economic recovery, might help limit deeper losses for the pair.

Looking at the broader picture, the USD/CHF pair has been oscillating well within a broader trading range since the beginning of May. This makes it prudent to wait for a sustained breakthrough in either direction before traders start positioning for the pair's near-term trajectory.

Technical levels to watch

USD/CHF

Overview
Today last price 0.9677
Today Daily Change -0.0005
Today Daily Change % -0.05
Today daily open 0.9682
 
Trends
Daily SMA20 0.9699
Daily SMA50 0.9705
Daily SMA100 0.9686
Daily SMA200 0.9784
 
Levels
Previous Daily High 0.9728
Previous Daily Low 0.9652
Previous Weekly High 0.9761
Previous Weekly Low 0.9638
Previous Monthly High 0.9803
Previous Monthly Low 0.9595
Daily Fibonacci 38.2% 0.9699
Daily Fibonacci 61.8% 0.9681
Daily Pivot Point S1 0.9646
Daily Pivot Point S2 0.9611
Daily Pivot Point S3 0.957
Daily Pivot Point R1 0.9723
Daily Pivot Point R2 0.9764
Daily Pivot Point R3 0.9799

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hits fresh two-month highs amid dollar weakness

EUR/USD has hit new two-month highs above 1.1940 as the dollar resumes its decline. Optimism about the US transition and covid vaccines is weighing on the safe-haven dollar. 

EUR/USD News

GBP/USD falls toward 1.33 amid Brexit acrimony

GBP/USD is falling toward 1.33 as both the EU and the UK are busy blaming each other for an impasse in Brexit talks. The thorny issues remain fisheries, governance and setting a level playing field.

GBP/USD News

XAU/USD attempting to bounce up from $1,775 low

Gold futures accelerated heir downtrend from last week highs near $1,900, breaking below the 200-day SMA, at $1,800 area, to hit its lowest prices in nearly five months, at $1,775.

Gold news

Dollar offered ahead of the weekend

Equities are finishing the week on a firm tone, while the US dollar remains heavy. In the Asia Pacific, only Australia and India did not end the week on a firm note.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures