The USDCHF currency pair holds steady at 0.8832, showing little change from the previous level of 0.88310, as investors await a significant event in the United States.
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- USD/CHF remains flat around 0.8832 ahead of the US key event.
The pair currently trades last at 0.88310.
The previous day high was 0.8804 while the previous day low was 0.8745. The daily 38.2% Fib levels comes at 0.8781, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8767, expected to provide support.
The USD/CHF pair oscillates around the 0.8821-0.8836 region in a narrow trading band during the early Asian trading hours on Friday. Markets turn cautious ahead of the key data from the US and Switzerland. At the time of writing, the USD/CHF is trading at 0.8833, unchanged on the day.
Meanwhile, the US Dollar Index (DXY), a measure of the value of USD against six other major currencies, holds above 103.60 and remains on the way to snapping a six-week uptrend. US Treasury yields falls again on Friday. The 10-year yield rebounds to 4.10% after reaching a two-week low of 4.07%
Data released on Thursday showed that the US Core Personal Consumption Expenditure Price Index, the Federal Reserve’s preferred gauge of inflation, rose to 4.2% in July from 4.1% in the previous and in line with expectations. Additionally, Initial Claims fell to 228,000, falling short of the market consensus of 232,000. The figure marked the lowest level in four weeks while Continuing Claims reached their highest level in six weeks. The mixed economic data from the US challenged the Fed to keep rates higher for longer as Fed Chairman Jerome Powell said at the Jackson Hole Symposium that a possible further rate rise would be dependent on incoming data.
On the other hand, the Swiss Federal Statistical Office reported on Thursday that the nation’s Real Retail Sales YoY for July came in at -2.2% versus 1.8% prior. Earlier this week, the KOF Leading Indicator for August came in at 91.1 versus 92.01 prior and below the market consensus of 91.5. Finally, the ZEW Survey of Expectation for the same period fell to -38.6 from -32.6 the previous month and missed the expectation of -31.3.
The renewed trade war tension between the US and China and the fear of China’s debt crisis might benefit the traditional safe-haven Swiss Franc. On Wednesday, Country Garden, the largest private real estate developer in China, issued a default warning if its financial performance continues to deteriorate.
Looking ahead, traders will take cues from the Swiss Consumer Price Index (CPI) for August ahead of the closely watched event, US Nonfarm Payrolls. The US economy is expected to create 170K jobs in August. Also, the Unemployment Rate and ISM Manufacturing PMI will be released later on Friday. These figures could give a clear direction for the USD/CHF pair.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.8832 at the time of writing. Pair opened at 0.8785 and is trading with a change of 0.54 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8832 |
| 1 | Today Daily Change | 0.0047 |
| 2 | Today Daily Change % | 0.5400 |
| 3 | Today daily open | 0.8785 |
The pair is trading above its 20 Daily moving average @ 0.8785, above its 50 Daily moving average @ 0.8788 , below its 100 Daily moving average @ 0.8883 and below its 200 Daily moving average @ 0.9073
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8785 |
| 1 | Daily SMA50 | 0.8788 |
| 2 | Daily SMA100 | 0.8883 |
| 3 | Daily SMA200 | 0.9073 |
The previous day high was 0.8804 while the previous day low was 0.8745. The daily 38.2% Fib levels comes at 0.8781, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8767, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.8752, 0.8719, 0.8693
- Pivot resistance is noted at 0.8811, 0.8836, 0.8869
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8804 |
| Previous Daily Low | 0.8745 |
| Previous Weekly High | 0.8876 |
| Previous Weekly Low | 0.8760 |
| Previous Monthly High | 0.9005 |
| Previous Monthly Low | 0.8552 |
| Daily Fibonacci 38.2% | 0.8781 |
| Daily Fibonacci 61.8% | 0.8767 |
| Daily Pivot Point S1 | 0.8752 |
| Daily Pivot Point S2 | 0.8719 |
| Daily Pivot Point S3 | 0.8693 |
| Daily Pivot Point R1 | 0.8811 |
| Daily Pivot Point R2 | 0.8836 |
| Daily Pivot Point R3 | 0.8869 |
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