USD/CHF retreats from 1-week tops, drops to session lows post-SNB

  • The USD remains on the defensive amid increasing Fed rate cut bets.
  • The prevalent cautions mood underpins CHF’s safe-haven demand.
  • SNB leaves interest rates unchanged and does little to move the pair.

The USD/CHF pair dropped to the lower end of its sideways consolidative trading range, around the 0.9930 region post-SNB.

The pair failed to capitalize on this week's goodish recovery move from closer to multi-month lows, with a combination of negative forces capping the up-move below the very important 200-day SMA. 

The US Dollar struggled to preserve the overnight recovery gains and remained on the defensive amid firming expectations that the Fed will eventually move to cut interest rates by the end of this year.

The pair was further pressurized by the prevalent cautions mood in the wake of fears of a further escalation in the US-China trade tensions, which benefitted the Swiss Franc's relative safe-haven status.

The pair, for now seems to have snapped three consecutive days of winning streak and had a rather muted reaction to the latest SNB monetary policy decision to hold sight deposit interest rate unchanged at -0.75%.

Market participants now look forward to the post-meeting press conference, where comments by the SNB Chairman and Governing Board Members might contribute towards producing some trading opportunities.

Technical levels to watch


Today last price 0.9951
Today Daily Change -0.0003
Today Daily Change % -0.03
Today daily open 0.9954
Daily SMA20 1.0009
Daily SMA50 1.0075
Daily SMA100 1.0037
Daily SMA200 0.9967
Previous Daily High 0.996
Previous Daily Low 0.9902
Previous Weekly High 1.0017
Previous Weekly Low 0.9854
Previous Monthly High 1.0227
Previous Monthly Low 1
Daily Fibonacci 38.2% 0.9938
Daily Fibonacci 61.8% 0.9924
Daily Pivot Point S1 0.9917
Daily Pivot Point S2 0.9881
Daily Pivot Point S3 0.9859
Daily Pivot Point R1 0.9975
Daily Pivot Point R2 0.9997
Daily Pivot Point R3 1.0033



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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD bouncing modestly on disappointing US Consumer Confidence

The shared currency remains pressured by the idea that the ECB will come out with massive stimulus measures in September. US Michigan Consumer Confidence down to 92.1 brakes dollar's gains.


GBP/USD retreats sharply after approaching 1.2200

The GBP/USD pair came under selling pressure after flirting with weekly highs, as a dismal US confidence report brought back risk-off. GBP/USD still up for the week and above the critical 1.2100 level.


USD/JPY: Greenback makes modest progress against Yen, near 106.30

The demand for Yen as a safe-haven currency has been weak in the last three days. The levels to beat for bulls are at the 106.30 and 106.55 resistances.


Gold gives back territory towards a 23.6% retracement

Gold prices were a touch lower by the end of the week, falling -0.68% having travelled between a high of $1,528.00 to a low of $1,503.87, ending the NY session around $1,513. 

Gold News

Four Signs of A Bear Market

I am a believer that the Universe gives you signs. That may sound a bit crazy, but these three charts are three more signs of a bear market. The top chart is the GLD exchange traded fund.

Read more