USD/CHF breaks below 0.9600 and hits a fresh monthly low amid risk aversion

Get real time updates directly on you device, subscribe now.

  • A combination of factors dragged USD/CHF to a near one-month low on Tuesday.
  • The risk-off environment underpinned the safe-haven CHF and put downward pressure.
  • The general weakness of the dollar further contributed to the selling bias and the decline.

The pair USD/CHF fell to a near one-month low during the early American session and is now looking to extend the bearish path below 0.9600.

The pair continued its recent pullback from a two-year high around the 1.0065 area hit earlier this month and saw some follow-up selling on Tuesday. This was the second consecutive day of decline and also the fifth of the previous six and was sponsored by a combination of factors.

The worsening global economic outlook continued to weigh on investor sentiment, reflected in a new wave of risk aversion. This, in turn, boosted demand for the traditional haven Swiss franc and dragged the USD/CHF pair lower amid the onset of strong selling around the US dollar.

The flow of risk aversion was reinforced by a further leg down in US Treasury yields. Elsewhere, the common currency’s sharp rebound – bolstered by comments from ECB policymakers – dragged the dollar index to a new monthly low. This was another factor that contributed to the drop in the USD/CHF pair.

Turning to economic data, US PMIs indicated slowing growth in both the manufacturing and services sectors, and did little to give dollar bulls a break. On Tuesday, the US economic docket also includes New Home Sales and the Richmond Manufacturing Index, although attention remains on Fed Chairman Jerome Powell’s speech.

Technical levels


Last Price Today 0.9592
Today’s Daily Change -0.0067
Today’s Daily Change % -0.69
Today’s Daily Opening 0.9659
20 Daily SMA 0.9833
50 Daily SMA 0.9553
100 Daily SMA 0.9386
200 Daily SMA 0.9299
Previous Daily High 0.9751
Previous Daily Minimum 0.9628
Previous Maximum Weekly 1.0064
Previous Weekly Minimum 0.9694
Monthly Prior Maximum 0.9759
Previous Monthly Minimum 0.9221
Daily Fibonacci 38.2% 0.9675
Daily Fibonacci 61.8% 0.9704
Daily Pivot Point S1 0.9607
Daily Pivot Point S2 0.9556
Daily Pivot Point S3 0.9484
Daily Pivot Point R1 0.9731
Daily Pivot Point R2 0.9803
Daily Pivot Point R3 0.9855


Source: Fx Street

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

www xxx xxx video tube freeproncom filmsex hindi xxxvdo xxx hd
buy kamagra buy kamagra online $255 payday loans online same day no denial payday loans direct lenders only