USD/CHF stages modest rebound, trades around 0.9050 as focus shifts to US data


  • USD/CHF close previous seven trading days in the red.
  • US Dollar Index stays above 92.00 on Wednesday.
  • Eyes on ADP Employment Change and ISM Services PMI data from US.

The USD/CHF pair extended its daily losing streak to seven on Tuesday and touched its lowest level since mid-June at 0.9022. Nevertheless, the pair seems to have gone into a consolidation phase on Wednesday and was last seen gaining 0.15% on the day at 0.9050.

10-year US T-bond yield rebounds modestly 

The sharp decline witnessed in the US Treasury bond yields weighed heavily on USD/CHF on Monday and Tuesday. After losing more than 7% in that two-day period, the benchmark 10-year US T-bond yield is up 0.5%, helping the pair stay in the positive territory.

On the other hand, the greenback continues to stay resilient against its major rivals with the US Dollar Index clinging to small daily gains above 92.00. 

Later in the session, the ADP's private-sector employment report for July will be looked upon for fresh impetus. The ISM's and the IHS Markit's July Services PMI will be featured in the US economic docket as well. However, ahead of Friday's Nonfarm Payrolls report, the market reaction to Wednesday's data is likely to be muted. Instead, investors will remain focused on the US T-bond yields.

Technical levels to watch for

USD/CHF

Overview
Today last price 0.9048
Today Daily Change 0.0009
Today Daily Change % 0.10
Today daily open 0.9039
 
Trends
Daily SMA20 0.9149
Daily SMA50 0.9113
Daily SMA100 0.9148
Daily SMA200 0.9074
 
Levels
Previous Daily High 0.9058
Previous Daily Low 0.9023
Previous Weekly High 0.9202
Previous Weekly Low 0.904
Previous Monthly High 0.9274
Previous Monthly Low 0.904
Daily Fibonacci 38.2% 0.9036
Daily Fibonacci 61.8% 0.9044
Daily Pivot Point S1 0.9022
Daily Pivot Point S2 0.9005
Daily Pivot Point S3 0.8988
Daily Pivot Point R1 0.9057
Daily Pivot Point R2 0.9075
Daily Pivot Point R3 0.9091

 

 

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