USD/CHF struggles near multi-month lows, approaching 0.9800 mark post-SNB

USD/CHF bears remain in control for the fourth straight session on Thursday.
The USD consolidated its post-FOMC losses and failed to provide any respite.
SNB leaves interest rates unchanged at -0.75% and did little to influence.

Haresh Menghani FXStreet

The USD/CHF pair remained under some selling pressure for the fourth consecutive session on Thursday and dropped to fresh three-month lows post-SNB.

The pair extended this week's sharp retracement slide from levels just above the 0.9800 handle and continued losing ground through the early European session on Thursday.

Despite a slight improvement in the global risk sentiment, which tends to dent the Swiss franc's traditional safe-haven status, the pair struggled to register any meaningful recovery.

Bulls failed to gain any respite from a subdued US dollar demand, which consolidated the previous session's heavy losses led by a dovish assessment of the latest FOMC policy statement.

It is worth recalling that the Fed on Wednesday indicated that rates would remain on hold but reiterated its accommodative policy stance, which exerted some heave pressure on the US dollar.

The pair moved little, rather had a muted reaction to Thursday's SNB monetary policy decision, wherein the Swiss central bank maintained status-quo and left the policy rate unchanged at -0.75%.

It will now be interesting to see if the pair is able to attract any buying interest or continues with its bearish trajectory traders now eye US Producer Price Index (PPI) for a fresh impetus.

Technical levels to watch

USD/CHF

Overview
Today last price	0.982
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	0.9823

Trends
Daily SMA20	0.9915
Daily SMA50	0.9922
Daily SMA100	0.989
Daily SMA200	0.9943

Levels
Previous Daily High	0.9864
Previous Daily Low	0.9813
Previous Weekly High	1.0009
Previous Weekly Low	0.9855
Previous Monthly High	1.0024
Previous Monthly Low	0.985
Daily Fibonacci 38.2%	0.9833
Daily Fibonacci 61.8%	0.9845
Daily Pivot Point S1	0.9802
Daily Pivot Point S2	0.9782
Daily Pivot Point S3	0.9751
Daily Pivot Point R1	0.9854
Daily Pivot Point R2	0.9885
Daily Pivot Point R3	0.9905

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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