USD/CHF unable to regain 0.9200, edges down to 0.9170

  • The dollar fails to return above 0.9200, edges down to 0.9170 area.
  • US dollar loses momentum on the back of softer US T-bond yields.
  • USD/CHF remains weak while below 0.9200.

The US dollar is trading lower on Wednesday after having failed to return above 0.9200. The pair depreciates 0.3% on the daily chart, retreating towards the 0.9170 area amid moderate dollar weakness.

The USD loses ground amid lower US Treasury bonds

The pair has confirmed its reversal from Tuesday’s high at 0.9225 weighed by broad-based US dollar weakness. The decline in US T-Bond yields, which have fueled USD’s rally from late July lows is pulling the dollar lower across the board.

The yield on the benchmark 10-year note has dropped to 1.52% on Wednesday, down from the multi-month highs at 1.68% hit last week. The hawkish message from the Bank of Canada, which confirmed the end of its QE program earlier today, has rattled debt markets with the investors bracing for a similar decision by the Federal Reserve at next week’s meeting.  

On the macroeconomic front, US data has been mixed today with orders for durable goods manufactured in the US contracting less than expected in September, due to a solid increase of non-defense capital goods. On the other hand, the US goods trade deficit widened to $96.3B in September from $89.4B in the previous month on the back of a sharp decline in exports which will have a negative impact on the third quarter’s growth.  

USD/CHF: Near-term trend remains negative below 0.9200

Technical indicators show the near-term USD/CHF trend biased lower, after having broken the upward channel from early August lows, with next potential targets at 0.9150 (October 22 and 24 lows) and 0.9100 (August 18 and 30 lows), which might expose August 4 low at 0.9020.

On the upside, a bullish reaction past 0.9225 (October 26 high) would ease negative pressure and confirm the breach of trendline resistance, increasing positive traction towards October 18 high at 0.9275 and then 0.9310 (October 12 and 13 highs).   

USD/CHF Daily Chart 

USDCHF Daily Chart

Technical levels to watch


Today last price 0.9173
Today Daily Change -0.0032
Today Daily Change % -0.35
Today daily open 0.9205
Daily SMA20 0.9251
Daily SMA50 0.9219
Daily SMA100 0.9183
Daily SMA200 0.9145
Previous Daily High 0.9226
Previous Daily Low 0.9187
Previous Weekly High 0.9273
Previous Weekly Low 0.9151
Previous Monthly High 0.9368
Previous Monthly Low 0.9116
Daily Fibonacci 38.2% 0.9211
Daily Fibonacci 61.8% 0.9202
Daily Pivot Point S1 0.9186
Daily Pivot Point S2 0.9167
Daily Pivot Point S3 0.9147
Daily Pivot Point R1 0.9225
Daily Pivot Point R2 0.9245
Daily Pivot Point R3 0.9264




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