USD/CHF surrenders early gains to weekly tops, refreshes session lows ahead of US data

  • Fading US-China trade optimism provides a modest boost to the CHF’s safe-haven status.
  • The USD witnesses some selling in the wake of an intraday pullback in the US bond yields.
  • Investors now look forward to the final US GDP print for some meaningful trading impetus.

The USD/CHF pair struggled to preserve early gains to weekly tops and dropped to fresh session lows, around the 0.9770-65 region in the last hour.

The pair stalled this week's recovery move from yearly lows and started retreating from an intraday high level of 0.9814 amid fading US-China trade optimism in reaction to comments by China's foreign ministry spokesman, clarifying that they were not aware of any report on a tentative trade truce between the two countries. 

The remarks failed to boost hopes that the US President Donald Trump and his Chinese counterpart Xi Jinping will declare a trade war cease-fire at the G20 summit later this week. The comments also dented investors' risk appetite and provided a modest lift to the Swiss Franc's relative safe-haven status. 

Meanwhile, a slight deterioration in the global risk sentiment was evident from an intraday turnaround in the US Treasury bond yields, which exerted some downward pressure on the US Dollar and further collaborated to the pair's pullback of around 50-pips to snap two days of the positive move.

The downside seemed limited, at least for the time being as investors now look forward to the US economic docket – highlighting the release of the final Q1 GDP report, which will influence the USD price dynamics and contribute towards producing some meaningful trading opportunities.

Technical levels to watch


Today last price 0.9773
Today Daily Change -0.0008
Today Daily Change % -0.08
Today daily open 0.9781
Daily SMA20 0.9907
Daily SMA50 1.0043
Daily SMA100 1.0028
Daily SMA200 0.9976
Previous Daily High 0.9785
Previous Daily Low 0.9743
Previous Weekly High 1.0016
Previous Weekly Low 0.9756
Previous Monthly High 1.0227
Previous Monthly Low 1
Daily Fibonacci 38.2% 0.9769
Daily Fibonacci 61.8% 0.9759
Daily Pivot Point S1 0.9754
Daily Pivot Point S2 0.9728
Daily Pivot Point S3 0.9712
Daily Pivot Point R1 0.9796
Daily Pivot Point R2 0.9812
Daily Pivot Point R3 0.9838



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD marginally higher at around 1.1020

The EUR/USD pair is trading slightly higher but within familiar levels following the German ZEW survey, which showed that sentiment improved in September. Traders cautious ahead of Fed’s announcement this Wednesday.


GBP/USD seesaws around 1.2400, as fear eases

The negative sentiment that ruled financial sentiment ever since the week started began easing, leading to some dollar’s selling. GBP/USD stuck ahead of the UK Supreme Court ruling on PM Johnson’s Parliament suspension.


USD/JPY finds buyers again ahead of 108.00

USD/JPY found buyers once again near 108.05 despite risk-aversion on poor Chinese data, as markets gear up for key central banks' events this week. Uncertainty over the US-Japan trade deal seems to keep the Yen under pressure. 


Gold: Pivots around $1500 mark, above ascending trend-line/23.6% Fibo. confluence support

Gold once again managed to find some support near a 3-1/2-month-old ascending trend-line and has now moved into the positive territory, with bulls looking to extend the momentum further beyond the key $1500 psychological mark.

Gold News

Gasoline and the Gulf

The attack on the Saudi Aramco refinery sent crude prices soaring on Monday and those increases will  begin to affect US retail gasoline prices perhaps as soon as the end of this week. But unless fuel prices break higher, they are unlikely to impact the economy in any serious fashion.

Read more