USD/CHF retreats from 2-week highs back under 0.9800

Swiss franc gains after a three-day rally in USD/CHF.
US Dollar drops against European currencies and the yen, amid a decline in Wall Street and lower yields.

Matías Salord FXStreet

The USD/CHF pair erased yesterday’s gains and is back under 0.9800. It is correcting lower after siring during there consecutive days. The rally of the pair was capped by the 0.9815/20 and also by the 20-day moving average.

Markets remain with caution amid expectation of slower global growth. Safe-haven assets, like the Japanese Yen, gold and bonds outperformed others. Also, the Italian political chaos contributes to the negative outlook.

“Sovereign bonds climbed with safe debt trimming yesterday’s fall. U.S. President Trump added more pressure on the Fed to cut rates by at least 100 bps, ahead of the Jackson Hole gathering on Friday, while political uncertainties in the Eurozone supported the rallying of the 10Y German bund. With regard to peripheral bonds, Italy’s bonds recovered from early losses after the resignation of its PM Conte. Italy’s risk premium narrowed as an alternative coalition is still an option to avoid a snap elections”, wrote BBVA analyst.

USD/CHF momentum eases

The peaked at 0.9820 yesterday, the strongest level in two weeks. As of writing trades at 0.9779, after reaching a daily low at 0.9774. The rally lost strength today after finding resistance around the 20-day moving average around 0.9805.

The correction so far found support at 0.9775, where a short-term uptrend stands. A consolidation below would weaken the bullish tone of the greenback. Support levels might be located at 0.9765 and 0.9735.

More Levels

USD/CHF

Overview
Today last price	0.9782
Today Daily Change	-0.0035
Today Daily Change %	-0.36
Today daily open	0.9817

Trends
Daily SMA20	0.9815
Daily SMA50	0.9847
Daily SMA100	0.9962
Daily SMA200	0.9961

Levels
Previous Daily High	0.9822
Previous Daily Low	0.9773
Previous Weekly High	0.981
Previous Weekly Low	0.9659
Previous Monthly High	0.9952
Previous Monthly Low	0.978
Daily Fibonacci 38.2%	0.9803
Daily Fibonacci 61.8%	0.9792
Daily Pivot Point S1	0.9786
Daily Pivot Point S2	0.9755
Daily Pivot Point S3	0.9737
Daily Pivot Point R1	0.9835
Daily Pivot Point R2	0.9853
Daily Pivot Point R3	0.9884

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.

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