USD/CHF rises toward 0.9750 amid sudden shift in market sentiment


  • China Foreign Ministry reportedly said it hopes US can meet halfway on trade.
  • 10-year US Treasury bond yield erases some of today's losses.
  • US Dollar Index stays below 98 ahead of mid-tier data.

The USD/CHF pair continues to react to changes in the market sentiment and fluctuates sharply amid the low trading volume due to the holiday in major European markets. After touching a daily low of 0.9722 in the last hour, the pair retraced its losses and was last up 0.13% on the day at 0.9745.

US-China trade headlines continue to impact sentiment

Earlier today, China repeated its commitment to take countermeasures if the United States imposes 10% additional tariffs next month and said this decision by the US violated the agreement that sides had reached at the G20 summit in Osaka back in late June.

Although this announcement triggered heavy risk-off flows and weighed on the US Treasury bond yield and European stock markets while ramping up the demand for safe-havens such as gold, JPY and the CHF, some fresh headlines on the US-China trade dispute helped the market sentiment improve slightly.

Several news outlets in the last minutes reported that China Foreign Ministry said that it hoped the US could meet China halfway on trade talks. The 10-year US T-bond yield, which lost nearly 4% earlier in the session, erased some of its losses and was last down 2% on the day. Additionally, the S&P 500 Futures is now up 0.55% on the day, suggesting that Wall Street could open higher and try to recover Wednesday's losses.

Technical levels to watch for

USD/CHF

Overview
Today last price 0.9744
Today Daily Change 0.0009
Today Daily Change % 0.09
Today daily open 0.9735
 
Trends
Daily SMA20 0.9819
Daily SMA50 0.9853
Daily SMA100 0.9967
Daily SMA200 0.9965
Levels
Previous Daily High 0.9771
Previous Daily Low 0.9705
Previous Weekly High 0.9839
Previous Weekly Low 0.9692
Previous Monthly High 0.9952
Previous Monthly Low 0.978
Daily Fibonacci 38.2% 0.973
Daily Fibonacci 61.8% 0.9746
Daily Pivot Point S1 0.9703
Daily Pivot Point S2 0.9671
Daily Pivot Point S3 0.9637
Daily Pivot Point R1 0.9769
Daily Pivot Point R2 0.9803
Daily Pivot Point R3 0.9835

 

 

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