USD/CHF trades at fresh daily highs near 0.9130 on broad USD strength

USD/CHF is staging a modest rebound on Thursday.
US Dollar Index recovers above 92.50 ahead of US data.
USD/CHF looks to snap a five-day losing streak.

Eren Sengezer FXStreet

After closing the previous five trading days in the negative territory, the USD/CHF pair staged a rebound on the back of broad-based USD strength on Thursday and was last seen gaining 0.2% on the day at 0.9128.

Risk aversion supports USD on Thursday

The US Dollar Index (DXY) remained on the back foot during the first half of the week as the coronavirus optimism made it difficult for the greenback to find demand as a safe-haven. With major European equity indexes turning south on Thursday, however, the DXY capitalized on risk-off flows and was last seen gaining 0.25% on the day at 92.55.

Meanwhile, the S&P 500 Futures are down 0.2% on the day, suggesting that the market mood is likely to remain sour in the second half of the day.

Later in the session, the US Department of Labor's weekly Initial Jobless Claims, which is expected to edge lower to 707K in the week ending November 14th, will be looked upon for fresh impetus. Additionally, the Federal Reserve Bank of Philadelphia will release its Manufacturing Survey for November alongside the National Association of Realtors' Existing Home Sales for October.

Nevertheless, market participants are likely to remain focused on risk perception and USD/CHF could snap its losing streak if the USD preserves its strength with a decline in Wall Street's main indexes.

Technical levels to watch for

USD/CHF

Overview
Today last price	0.9124
Today Daily Change	0.0009
Today Daily Change %	0.10
Today daily open	0.9115

Trends
Daily SMA20	0.9114
Daily SMA50	0.9136
Daily SMA100	0.9171
Daily SMA200	0.9406

Levels
Previous Daily High	0.9123
Previous Daily Low	0.9092
Previous Weekly High	0.9192
Previous Weekly Low	0.8984
Previous Monthly High	0.9219
Previous Monthly Low	0.9031
Daily Fibonacci 38.2%	0.9111
Daily Fibonacci 61.8%	0.9104
Daily Pivot Point S1	0.9097
Daily Pivot Point S2	0.9079
Daily Pivot Point S3	0.9066
Daily Pivot Point R1	0.9128
Daily Pivot Point R2	0.9141
Daily Pivot Point R3	0.9159

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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