USD/CHF stays in the negative territory after failing to break above 0.9000

USD/CHF is posting modest daily losses on Thursday.
US Dollar Index struggles to stage a convincing rebound.
Initial Jobless Claims in US rose to 861K last week.

Eren Sengezer FXStreet

The USD/CHF pair gained more than 70 pips on Wednesday and fluctuated in a tight range a little below 0.9000 on Thursday. With the greenback struggling to find demand, however, the pair started to edge lower and was last seen losing 0.21% on the day at 0.8967.

DXY remains depressed after mixed US data

The US Dollar Index, which tracks the USD's performance against a basket of six major currencies, rose above 91.00 on Wednesday but lost its traction. However, the cautious market mood suggests that the USD could regather its strength in the second half of the day. At the moment, the S&P 500 Futures are down 0.8% on the day and a sharp decline in the US stocks after the opening bell could lift DXY and help USD/CHF retrace its decline.

Earlier in the day, the data published by the US Department of Labor showed that Initial Jobless Claims rose to 861K in the week ending February 13 and came in much worse than the market expectation of 765K. Other data revealed that Housing Starts in January declined by 6% but Building Permits rose by 10.4% in the same period.

On Friday, Industrial Production data from Switzerland will be looked upon for fresh impetus ahead of the IHS Markit's January preliminary Services and Manufacturing PMI data from the US.

Technical levels to watch for

USD/CHF

Overview
Today last price	0.8967
Today Daily Change	-0.0021
Today Daily Change %	-0.23
Today daily open	0.8988

Trends
Daily SMA20	0.8927
Daily SMA50	0.889
Daily SMA100	0.899
Daily SMA200	0.9159

Levels
Previous Daily High	0.8992
Previous Daily Low	0.8921
Previous Weekly High	0.9019
Previous Weekly Low	0.889
Previous Monthly High	0.8926
Previous Monthly Low	0.8758
Daily Fibonacci 38.2%	0.8965
Daily Fibonacci 61.8%	0.8948
Daily Pivot Point S1	0.8942
Daily Pivot Point S2	0.8895
Daily Pivot Point S3	0.887
Daily Pivot Point R1	0.9013
Daily Pivot Point R2	0.9039
Daily Pivot Point R3	0.9085

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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