USD/CHF slides to session low, around mid-0.9100s amid a modest USD pullback

USD/CHF failed to capitalize on its early uptick and faced rejection near the 0.9200 mark.
The USD struggled to preserve early gains and was seen as a key factor exerting pressure.
The risk-on mood might undermine the safe-haven CHF and help limit any deeper losses.

Haresh Menghani FXStreet

The USD/CHF pair extended its intraday rejection slide from the 0.9200 mark and refreshed daily lows during the early European session.

The US dollar struggled to preserve its early gains amid uncertainty over the next round of the US fiscal stimulus measures. In fact, the USD Index has now drifted into the negative territory, which, in turn, was seen as one of the key factors that prompted some fresh selling around the USD/CHF pair.

Meanwhile, a decline in COVID-19 hospitalizations in the US strengthened the case for a swift economic recovery. This, coupled with some strong follow-through uptick in the US Treasury bond yields should extend some support to the greenback and help limit deeper losses for the USD/CHF pair.

The downside might also be cushioned by the prevalent risk-on mood, which tends to undermine the Swiss franc's perceived safe-haven demand. The global risk sentiment remained well supported by the latest optimism over a potential vaccine for the highly contagious coronavirus diseases.

The USD/CHF pair was last seen trading just above 0.9100 mark as investors now look forward to the release of the US consumer inflation figures for July. The data might influence the USD price dynamics and produce some meaningful trading opportunities later during the early North American session.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9151
Today Daily Change	-0.0017
Today Daily Change %	-0.19
Today daily open	0.9168

Trends
Daily SMA20	0.9221
Daily SMA50	0.9376
Daily SMA100	0.9532
Daily SMA200	0.9646

Levels
Previous Daily High	0.9178
Previous Daily Low	0.9105
Previous Weekly High	0.9242
Previous Weekly Low	0.9051
Previous Monthly High	0.9494
Previous Monthly Low	0.9056
Daily Fibonacci 38.2%	0.915
Daily Fibonacci 61.8%	0.9133
Daily Pivot Point S1	0.9123
Daily Pivot Point S2	0.9078
Daily Pivot Point S3	0.905
Daily Pivot Point R1	0.9196
Daily Pivot Point R2	0.9223
Daily Pivot Point R3	0.9269

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 stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

LayerZero Price Forecast: ZRO steadies as markets digest Zero blockchain announcement

LayerZero (ZRO) trades above $2.00 at press time on Thursday, holding steady after a 17% rebound the previous day, which aligned with the public announcement of the Zero blockchain and Cathie Wood joining the advisory board.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.