USD/CHF slides further below 0.9700 mark, 1-week lows

USD/CHF met with some fresh supply on Wednesday and dropped to one-week lows.
A weaker opening in the European equity markets benefitted the safe-haven CHF.
A modest pickup in the USD demand might limit the fall ahead of FOMC minutes.

Haresh Menghani FXStreet

The USD remained on the defensive against its Swiss counterpart and pushed the USD/CHF pair to one-week lows, around the 0.9675 region in the last hour.

Following the previous day's range-bound/directionless trading action, the pair came under some fresh selling pressure on Wednesday and retreated further from seven-day tops set on the first day of the week.

The downtick lacked seemed rather unaffected by a modest pickup in the US dollar demand. Traders took cues from a weaker opening in the European equity markets, which underpinned demand for the safe-haven Swiss franc.

This comes on the back of doubts on a potential vaccine for the COVID-19 virus, especially after reports indicated that the US drugmaker Moderna had provided insufficient data to determine the vaccine’s efficacy.

It, however, remains to be seen if the latest leg down marks a near-term bearish break or the pair continues to attract some dip-buying at lower levels amid indications of a goodish rebound in the US equity markets.

Later during the US trading session, the release of the minutes of the latest FOMC meeting will play a key role in influencing the USD price dynamics. This, in turn, might assist traders to grab some short-term opportunities.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9688
Today Daily Change	-0.0026
Today Daily Change %	-0.27
Today daily open	0.9714

Trends
Daily SMA20	0.9715
Daily SMA50	0.9685
Daily SMA100	0.9688
Daily SMA200	0.9787

Levels
Previous Daily High	0.9729
Previous Daily Low	0.9699
Previous Weekly High	0.9755
Previous Weekly Low	0.9665
Previous Monthly High	0.9803
Previous Monthly Low	0.9595
Daily Fibonacci 38.2%	0.9718
Daily Fibonacci 61.8%	0.971
Daily Pivot Point S1	0.9699
Daily Pivot Point S2	0.9683
Daily Pivot Point S3	0.9668
Daily Pivot Point R1	0.9729
Daily Pivot Point R2	0.9745
Daily Pivot Point R3	0.976

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.