USD/CHF tumbles to lowest since November 2021 on lower yields and weaker Dollar

Swiss Franc rises sharply versus Dollar and Euro.
Expectations about a less hawkish ECB support the Swiss Franc.
USD/CHF falls for the fifth consecutive day on Wednesday.

Matías Salord FXStreet

The USD/CHF is falling by almost a hundred pips on Wednesday after trimming some losses during the last hour. The pair bottomed at 0.9084, the lowest level since November 2021 and then rebounded rising back above 0.9100.

The decline in European and US government bond yields weakened the US Dollar and favored the Swiss Franc. The Switzerland 10-year bond yield dropped to 1.05%, the lowest since early December and the US 10-year yield fell to 3.38%, lowest since September.

The demand for European bond strengthened after data showed a slowdown in inflation and some “not so bad” activity figures; and particularly following a media report on Tuesday that mentioned European Central Bank policymakers are starting to consider a slower pace of interest rate hikes after the February meeting.

Expectations of a less hawkish ECB sent the Euro to the downside, and it continues to be a drag. EUR/CHF has fallen sharply, reversing sharply from six-month highs near 1.0100 to levels under 0.9900.

Economic data released on Wednesday weighed further on USD/CHF. Inflation numbers came in below expectations, while Retail Sales and Industrial Production dropped more than market consensus.

USD/CHF breaks 0.9200

The USD/CHF is consolidating below 0.9200, reinforcing the bearish bias. On the flip side, the next critical support is the 0.9100 area. A daily close below would open the doors to more losses. A recovery back above 0.9220 would alleviate the negative tone.

Technical levels

USD/CHF

Overview
Today last price	0.9111
Today Daily Change	-0.0109
Today Daily Change %	-1.18
Today daily open	0.922

Trends
Daily SMA20	0.9282
Daily SMA50	0.9373
Daily SMA100	0.9615
Daily SMA200	0.9643

Levels
Previous Daily High	0.9276
Previous Daily Low	0.9188
Previous Weekly High	0.9363
Previous Weekly Low	0.9167
Previous Monthly High	0.9471
Previous Monthly Low	0.9201
Daily Fibonacci 38.2%	0.9222
Daily Fibonacci 61.8%	0.9243
Daily Pivot Point S1	0.918
Daily Pivot Point S2	0.9139
Daily Pivot Point S3	0.9091
Daily Pivot Point R1	0.9268
Daily Pivot Point R2	0.9317
Daily Pivot Point R3	0.9357

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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