• The USD remained depressed despite a goodish pickup in the US bond yields.
  • A positive mood around equity markets does little to ease the bearish pressure.
  • Traders now eye second-tier US economic releases for some short-term impetus.

The USD/CHF pair tumbled to over three-week lows in the last hour, with bears now looking to extend the downward momentum further below the 0.9900 handle.
 
The pair extended this week's rejection slide from the vicinity of the key parity mark and remained under some heavy selling pressure for the second consecutive session amid the prevalent US Dollar selling bias.

Weighed down by persistent USD selling bias

Despite a strong intraday turnaround in the US Treasury bond yields, the USD bulls remained on the defensive in the wake of firming market expectations that the Fed will cut interest rates again later this month.
 
The ongoing intraday slide to the lowest level since September 25 seemed rather unaffected by a positive mood around equity markets, which tend to undermine the Swiss Franc's perceived safe-haven demand.
 
Thursday's sharp downfall could further be attributed to some technical selling on a sustained break below a two-month-old ascending trend-channel support, paving way for a further depreciating move.
 
Hence, some follow-through weakness, possibly towards testing September 24-25 swing lows support near the 0.9850-45 region, now looks a distinct possibility amid absent top-tier economic releases from the US.
 
The US economic docket features the release of Philly Fed Manufacturing Index, along with housing market data and industrial production figures, which seems unlikely to provide any immediate respite to the USD bulls but might still produce some short-term trading opportunities.

Technical levels to watch

USD/CHF

Overview
Today last price 0.99
Today Daily Change -0.0050
Today Daily Change % -0.50
Today daily open 0.995
 
Trends
Daily SMA20 0.9943
Daily SMA50 0.988
Daily SMA100 0.9879
Daily SMA200 0.9956
 
Levels
Previous Daily High 0.9992
Previous Daily Low 0.9945
Previous Weekly High 0.9991
Previous Weekly Low 0.9904
Previous Monthly High 0.9988
Previous Monthly Low 0.9797
Daily Fibonacci 38.2% 0.9963
Daily Fibonacci 61.8% 0.9974
Daily Pivot Point S1 0.9933
Daily Pivot Point S2 0.9915
Daily Pivot Point S3 0.9886
Daily Pivot Point R1 0.998
Daily Pivot Point R2 1.0009
Daily Pivot Point R3 1.0027

 

 

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