- 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|
|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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