USD/CHF slides farther below 0.9900 mark, flirting with weekly lows


  • On offers for the second straight session amid weaker USD.
  • Bulls seemed unimpressed by the prevalent risk-on mood.
  • Friday’s US retail sales data eyed for a fresh trading impetus.

The USD/CHF pair traded with a negative bias through the early European session on Friday and is currently placed at the lower end of its weekly trading range, around the 0.9870 region.
 
The pair extended overnight rejection slide from the very important 200-day SMA and remained under some selling pressure for the second consecutive session on Friday. The pair has now surrendered all of its weekly gains to the highest level since early-August and bulls seemed rather unimpressed by the prevailing risk-on mood, which tends to undermine demand for the Swiss Franc's safe-haven demand.

Weaker USD offsets US-China trade optimism

Encouraging signs that the United States and China were narrowing their differences over trade remained supportive of improving global risk sentiment, which was further reinforced by a follow-through pickup in the US Treasury bond yields. The US Dollar, however, failed to capitalize on recovering bond yields and seemed to be one of the key factors prompting some long-unwinding trade.
 
It will now be interesting to see if the pair is able to attract any buying interest at lower levels or the current pullback marks the end of the recent recovery move from multi-month lows set on August 13. Market participants now look forward to the US economic docket - highlighting the release of monthly retail sales data - in order to grab some meaningful trading opportunities later during the early North-American session.

Technical levels to watch

USD/CHF

Overview
Today last price 0.9878
Today Daily Change -0.0025
Today Daily Change % -0.25
Today daily open 0.9903
 
Trends
Daily SMA20 0.9848
Daily SMA50 0.9843
Daily SMA100 0.9922
Daily SMA200 0.9949
Levels
Previous Daily High 0.9947
Previous Daily Low 0.988
Previous Weekly High 0.993
Previous Weekly Low 0.9797
Previous Monthly High 0.9976
Previous Monthly Low 0.9659
Daily Fibonacci 38.2% 0.9906
Daily Fibonacci 61.8% 0.9921
Daily Pivot Point S1 0.9873
Daily Pivot Point S2 0.9843
Daily Pivot Point S3 0.9806
Daily Pivot Point R1 0.994
Daily Pivot Point R2 0.9977
Daily Pivot Point R3 1.0007

 

 

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 tension remains elevated ahead of the Fed

EUR/USD is trading around 1.1050, confined to a narrow range ahead of the all-important Fed decision. Chair Powell is set to cut rates by 25bps but signal no further stimulus is on the cards.

EUR/USD News

GBP/USD extends its falls to 1.2450 amid weak UK inflation, Brexit impasse

GBP/USD has dropped to around 1.2450 as UK headline CPI missed with 1.7% in August. Brexit negotiations remain stuck according to Chief EU negotiator Barnier. The Fed decision is eyed.

GBP/USD News

USD/JPY holds on to recovery gains above 108.00 ahead of Fed

Not only upbeat trade numbers from Japan but upbeat trade/political headlines also help the USD/JPY pair to remain firm around 108.20 prior to Wednesday’s European session. Focus on FOMC decision.

USD/JPY News

Gold: Pivots around $1500 mark, awaits FOMC policy update

Gold extended its sideways consolidative price action through the early European session on Wednesday and was seen pivoting around the key $1500 psychological mark, awaiting FOMC policy decision.

Gold News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Cryptos seeing multiple launches into the universe

The Altcoin market has quickly confirmed Tuesday’s analysis with flashing rises in the last 24 hours. The two eternal aspirants to lead the crypto market – Ethereum and XRP – are rising sharply against Bitcoin and increasing its value rapidly.

Read more

Forex MAJORS

Cryptocurrencies

Signatures