USD/CHF stays in tight consolidation channel above 0.99

  • Market action turns subdued following Tuesday's risk rally.
  • US Dollar Index struggles to break above the 98 mark.
  • Coming up: Unit Labour Costs and Nonfarm Productivity data from the US.

The USD/CHF pair gained more than 40 pips on Tuesday boosted by the broad USD strength and the upbeat market sentiment. With the market action turning subdued amid a lack of significant macroeconomic drivers on Wednesday, the pair is consolidating Tuesday's gains and stays flat on the day near 0.9930.

USD capitalizes on upbeat data

The Institue for Supply Management's (ISM) Non-Manufacturing Index (NMI) showed that the economic activity in the non-manufacturing sectors expanded at a more robust pace than expected in October to ease concerns over an economic slowdown in the United States (US) and helped the US Dollar Index extends its recovery to a fresh multi-week high near 98.

Ahead of the Unit Labour Costs and Nonfarm Productivity data from the US for the third quarter, the index is posting modest losses near 97.80.

Meanwhile, after rising more than 8% in the first two days of the week, the 10-year US Treasury bond yield is down around 1% on Wednesday, suggesting that the market sentiment is turning neutral and not allowing the risk perception to driver the pair's action.

Technical levels to watch for


Today last price 0.9929
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 0.9928
Daily SMA20 0.9918
Daily SMA50 0.9914
Daily SMA100 0.987
Daily SMA200 0.9955
Previous Daily High 0.9937
Previous Daily Low 0.9869
Previous Weekly High 0.997
Previous Weekly Low 0.985
Previous Monthly High 1.0028
Previous Monthly Low 0.9837
Daily Fibonacci 38.2% 0.9911
Daily Fibonacci 61.8% 0.9895
Daily Pivot Point S1 0.9886
Daily Pivot Point S2 0.9843
Daily Pivot Point S3 0.9818
Daily Pivot Point R1 0.9954
Daily Pivot Point R2 0.9979
Daily Pivot Point R3 1.0022



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