USD/CHF slips to five-month lows as Swiss Franc draws haven bids

The US-Iran war has unsettled risk assets in Asia.
The Swiss Franc and other safe havens are drawing bids.
The USD/CHF has dropped to the lowest level since mid-August.

Omkar Godbole FXStreet Contributor

Swiss Franc is drawing haven bids as the Iranian attack on US bases in Iraq has unsettled risk assets, triggering a flight to safety.

The USD/CHF pair is currently trading at 0.9671, representing a 0.35% drop on the day. Also, 0.9671 is the lowest level since August 13.

US-Iran tussle

Iran attacked US assets in Iraq early Wednesday in response to last Friday's US killing of top Iranian military commander.

The attack has been confirmed by the US and there are reports of American casualties.

As per the latest reports, the US national council is meeting following Iranian ballistic missile attack and with elections due in November, President Trump may feel forced to launch a stronger retaliatory attack on Iran.

The risk assets, therefore, are bleeding with the Dow futures currently reporting a 400 point drop. The stocks in Asia are also flashing red. For instance, Japan's Nikkei index is down more than 500 points at press time.

Meanwhile, the Swiss Franc and other classic haven assets like gold, Japanese yen, and US treasuries are gaining ground.

Technical levels

USD/CHF

Overview
Today last price	0.9671
Today Daily Change	-0.0039
Today Daily Change %	-0.40
Today daily open	0.971

Trends
Daily SMA20	0.977
Daily SMA50	0.9858
Daily SMA100	0.9882
Daily SMA200	0.9921

Levels
Previous Daily High	0.9731
Previous Daily Low	0.9676
Previous Weekly High	0.9757
Previous Weekly Low	0.9646
Previous Monthly High	1.0009
Previous Monthly Low	0.9646
Daily Fibonacci 38.2%	0.971
Daily Fibonacci 61.8%	0.9697
Daily Pivot Point S1	0.9681
Daily Pivot Point S2	0.9651
Daily Pivot Point S3	0.9626
Daily Pivot Point R1	0.9736
Daily Pivot Point R2	0.976
Daily Pivot Point R3	0.979

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD remains on the back foot near 1.1750

EUR/USD is coming under renewed pressure, sliding towards multi-week lows in the mid-1.1700s on Thursday. The move lower reflects another strong session for the US Dollar, with the Greenback drawing fresh support from a batch of firm US data that reinforced its underlying bid.

GBP/USD drops further, hovers around 1.3460

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3440 area, its lowest levels in around four weeks. The move reflects a firmer Greenback, supported by another round of solid US data, while a somewhat divided FOMC Minutes has added an extra layer of uncertainty around the Fed’s rate path, keeping Cable on the defensive.

Gold struggles to overcome $5,000

Gold is trading with humble gains on Thursday, hovering around the key $5,000 mark per troy ounce. The yellow metal remains underpinned by renewed geopolitical tensions in the Middle East, even as a stronger US Dollar and rising US Treasury yields across the curve limit the upside and keep price action relatively contained.

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.