USD/CHF drops to 9-day lows, EUR/CHF loses 150 pips

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  • Swiss franc jumps amid risk aversion and despite Jordan’s words.
  • USD/CHF bearish correction gains speed.
  • Next support is below 0.9880 at 0.9830 and 0.9800.

The USD/CHF fell sharply during the American session from 0.9970 to 0.9860, reaching the lowest level since May 6. It remains close to the lows, pressured by risk aversion. The Swiss franc and the Japanese yen are the best performers.

CHF soars, Wall Street plummets

The Swiss franc started to rise after comments from Thomas Jordan, president of the Swiss National Bank. He reiterated that the SNB is prepared to intervene in the foreign exchange market and act if inflation strengthens. Despite reaffirming the negative interest rate policy, the Swiss franc started to rise. It then accelerated as US stocks turned sharply lower.

The Dow Jones falls 2.65% and the Nasdaq 3.72%. The demand for security is boosting the yen, the franc, the dollar and bonds. Oil has reversed and is down 1.70%. Cryptocurrencies are under pressure again, with BTC/USD below $29,000.

Despite more talk of rate hikes from European Central Bank officials, the EUR/CHF is having its worst day in months. During the last hours it has fallen from 1.0490 to 1.0338, the lowest intraday level since May 6th.

The USD/CHF short-term technical outlook has changed dramatically over the last couple of days. After a rally from 0.9330 to 1.0054 (16 May high), the pair lost momentum and started a correction on Tuesday that is still going strong. A consolidation below 0.9880 should keep the negative momentum going. Next support is seen at 0.9830 and then 0.9800/10 awaits the 20 day SMA.

Technical levels

USD/CHF

Panorama
Last Price Today 0.9966
Today’s Daily Change 0.0031
Today’s Daily Change % 0.31
Today’s Daily Opening 0.9935
Trends
20 Daily SMA 0.9791
50 Daily SMA 0.9519
100 Daily SMA 0.9362
200 Daily SMA 0.9288
levels
Previous Daily High 1.0026
Previous Daily Minimum 0.9918
Previous Maximum Weekly 1.0049
Previous Weekly Minimum 0.9872
Monthly Prior Maximum 0.9759
Previous Monthly Minimum 0.9221
Daily Fibonacci 38.2% 0.9959
Daily Fibonacci 61.8% 0.9985
Daily Pivot Point S1 0.9893
Daily Pivot Point S2 0.9852
Daily Pivot Point S3 0.9786
Daily Pivot Point R1 1.0001
Daily Pivot Point R2 1.0067
Daily Pivot Point R3 1.0109

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Source: Fx Street

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