USD/CHF slips below 0.9400 mark for the first time since March 2018

USD/CHF remained under some heavy selling pressure amid persistent USD weakness.
A plunge in the US bond yields, Fed rate cut speculations weighed heavily on the buck.
Investors now eye US monthly jobs report for some immediate respite to the USD bulls.

Haresh Menghani FXStreet

The USD/CHF pair tumbled to fresh two-year lows in the last hour, with bears now looking to extend the momentum further below the 0.9400 round-figure mark.

The pair extended its relentless slide and remained under some heavy selling pressure on the last trading day of the week – marking the sixth day of a negative move in the previous seven amid strong anti-risk flows.

Bears remain in control amid coronavirus jitters

The coronavirus-led selloff across global equity markets forced investors to take refuge in the so-called safe-haven assets, which provided a goodish lift to the Swiss franc and continued exerting pressure on the pair.

The pair was further pressurized by persistent selling bias surrounding the US dollar – aggravated by collapsing US Treasury bond yields and increasing odds of another 50 bps rate cut by the Fed on March 18.

Meanwhile, the ongoing bearish trajectory seemed rather unaffected by extremely oversold conditions on short-term charts, though warrant some caution before positioning for any further depreciating move.

Moving ahead, market participants now look forward to the release of the closely watched US monthly jobs report (NFP), for some immediate respite for the USD bulls later during the early North-American session.

Technical levels to watch

USD/CHF

Overview
Today last price	0.94
Today Daily Change	-0.0062
Today Daily Change %	-0.66
Today daily open	0.9462

Trends
Daily SMA20	0.9732
Daily SMA50	0.9712
Daily SMA100	0.9801
Daily SMA200	0.9839

Levels
Previous Daily High	0.9575
Previous Daily Low	0.946
Previous Weekly High	0.9816
Previous Weekly Low	0.9609
Previous Monthly High	0.9851
Previous Monthly Low	0.9609
Daily Fibonacci 38.2%	0.9504
Daily Fibonacci 61.8%	0.9531
Daily Pivot Point S1	0.9423
Daily Pivot Point S2	0.9384
Daily Pivot Point S3	0.9308
Daily Pivot Point R1	0.9538
Daily Pivot Point R2	0.9614
Daily Pivot Point R3	0.9653

Author

Haresh Menghani

FXStreet

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

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