USD/CHF recovers further and prints fresh highs near 0.9130

The USD/CHF pair is rising on Thursday, moving away from the lowest level in five and a half years it reached on Wednesday at 0.9049. It printed a fre  |  06/08/2020 16:20
  • Swiss Franc among worst performers of the American session.
  • US dollar’s recovery loses momentum, DXY posts marginal gains.

The USD/CHF pair is rising on Thursday, moving away from the lowest level in five and a half years it reached on Wednesday at 0.9049. It printed a fresh daily high at 0.9128 before pulling back to 0.9105/10.

The greenback is posting mixt results across the board after the recovery lost strength. The US Dollar Index (DXY) is up by 0.08%, at 92.95, rebounding from two-year lows. It is gaining despite lower US yields. Ahead of the NFP report, weekly jobless claims showed better-than-expected numbers.

During the last hours, as Wall Street turned positive, the dollar trimmed gains versus most emerging and commodity currencies, and it jumped to losses versus AUD and NZD.

At the same time, the Swiss franc weakened, extending the decline versus the dollar and erased gains against the Euro. Among European currencies, the best performer is the pound, after the Bank of England meeting.

Technical outlook

The primary trend in USD/CHF is bearish. Despite the rebound, technical indicators continue to point to weakness. It is rebounding from 0.9050 and if it breaks above 0.9230 it could form a double bottom pattern, but so far it is not an expected scenario.

The immediate support is seen at 0.9085/90 and a slide below would add pressure for another test of the 0.9050 area. On the upside, the 0.9130 is the first support, followed by 0.9185 and 0.9230.

 

 

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