USD/CHF tumbles to 1-week lows amid risk aversion on trade war fears

  • Safe-haven demand boosts CHF, JPY, gold and bonds, Wall Street deep in red. 
  • USD/CHF drops from three-week highs to one-week lows in a few hours. 

The USD/CHF is having the worst performance in three weeks amid risk aversion. Earlier today the pair peaked at 0.9876, the strongest level since early August and then reversed dramatically, falling 150 pips from the top. So far it has been unable to find support and as of writing trades at 0.9742, at the lowest level since last Thursday. 

Swiss franc among top performers 

The escalation in trade tensions between the US and China triggered a sell-off in Wall Street and a rally in bonds. Still, market participants await the response of US President Trump to the announcement of an increase in Chinese tariffs to US products. 

The US yield curve is again inverted. The 10-year yield plummeted from 1.63% to 1.51%, close to YTD lows. In Wall Street, the DOW JONES is falling 1.72% and the NASDAQ 2.39%. 

Today’s event offset Powell’s speech in Jackson Hole and increased expectations about more interest rate cuts from the Federal Reserve. Regarding the greenback, the DXY is down 0.50%, reversing from monthly highs. 

USD/CHF Bias now bearish 

From a technical perspective, USD/CHF broke below the lower limit of an ascendant channel and also under the 0.9770 support area. At the moment is testing 0.9740/45 and below here the not much until 0.9700/05. On the upside 0.9770 has become the immediate resistance


Today last price 0.975
Today Daily Change -0.0087
Today Daily Change % -0.88
Today daily open 0.9837
Daily SMA20 0.9807
Daily SMA50 0.9839
Daily SMA100 0.9956
Daily SMA200 0.9957
Previous Daily High 0.9845
Previous Daily Low 0.9813
Previous Weekly High 0.981
Previous Weekly Low 0.9659
Previous Monthly High 0.9952
Previous Monthly Low 0.978
Daily Fibonacci 38.2% 0.9833
Daily Fibonacci 61.8% 0.9825
Daily Pivot Point S1 0.9818
Daily Pivot Point S2 0.98
Daily Pivot Point S3 0.9786
Daily Pivot Point R1 0.985
Daily Pivot Point R2 0.9864
Daily Pivot Point R3 0.9882



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 extends recovery beyond 1.1050 on Saudi output headlines

News indicating that Saudi Arabia’s oil output would return to normal quicker than expected, lifted the market’s mood and weighed on the greenback. EUR/USD underpinned by improved Business Sentiment according to the German ZEW Survey.


GBP/USD rallies past 1.2500, reaches fresh multi-week highs

The GBP/USD pair is trading above the 1.2500 figure, getting a boost from easing demand for the greenback following relief news related to the crude oil market after the weekend attack to Saudi facilities.


USD/JPY drops back to recent range after hitting fresh 6-week highs

The USD/JPY pair spiked to 108.35, reaching the highest intraday level since August 1st and then pulled back to the 108.15/20 area.


Gold struggles to find direction, trades in tight range near critical $1,500 handle

The XAU/USD pair struggling to make a decisive move on Tuesday and continues to trade in a relatively tight range around the $1,500 handle.

Gold News

Saudi Arabia's oil output to be fully back online in next 2-3 weeks

Citing two sources briefed on the Saudi oil operations, Reuters reported that Saudi Arabia's oil output would return to normal levels quicker than initially thought.

Read more