USD/CHF struggles near weekly lows, bears eyeing a break below 0.9100 mark

USD/CHF remained depressed for the second straight session amid sustained USD selling bias.
The upbeat market mood might undermine the safe-haven CHF and help limit deeper losses.
Investors now look forward to the US macro data for some meaningful trading opportunities.

Haresh Menghani FXStreet

The USD/CHF pair refreshed weekly lows during the early European session on Wednesday, with bears now looking to extend the fall further below the 0.9100 mark.

The pair extended this week's sharp retracement slide from the 0.9240 region and witnessed some selling for the second consecutive session on Wednesday. The downtick was exclusively sponsored by the heavily offered tone surrounding the US dollar, which languished near two-year lows amid doubts about the US economic recovery.

This coupled with the impasse over the next round of the US fiscal stimulus further undermined the already weaker greenback. The US lawmakers have been struggling to agree on the coronavirus relief package. White House negotiators on Tuesday vowed to work "around the clock" with Democrats to reach a deal by the end of this week.

Meanwhile, bulls seemed rather unimpressed by a strong bullish sentiment around the global equity markets, which tends to dent the Swiss franc's perceived safe-haven status. That said, the upbeat market mood might extend some support to the USD/CHF pair and turn out to be the only factor helping limit deeper losses.

Later during the early North American session, a duo of important US macro releases will be looked upon for some meaningful trading opportunities. Wednesday's US economic docket highlights the release of the ADP report on private-sector employment and ISM Non-Manufacturing PMI for the month of July.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9102
Today Daily Change	-0.0031
Today Daily Change %	-0.34
Today daily open	0.9133

Trends
Daily SMA20	0.929
Daily SMA50	0.9427
Daily SMA100	0.9566
Daily SMA200	0.9665

Levels
Previous Daily High	0.9188
Previous Daily Low	0.913
Previous Weekly High	0.923
Previous Weekly Low	0.9056
Previous Monthly High	0.9494
Previous Monthly Low	0.9056
Daily Fibonacci 38.2%	0.9152
Daily Fibonacci 61.8%	0.9166
Daily Pivot Point S1	0.9113
Daily Pivot Point S2	0.9093
Daily Pivot Point S3	0.9055
Daily Pivot Point R1	0.917
Daily Pivot Point R2	0.9208
Daily Pivot Point R3	0.9228

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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