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14 Oct 2020

USD/CHF trims Tuesday’s gains, drops to 0.9110

  • US dollar lower across the boards, losses limited by risk aversion.
  • USD/CHF holds bearish bias, remains capped by the 0.9150 area.

The USD/CHF retreated further from the five-day high it reached earlier on Wednesday at 0.9162 and bottomed at 0.9112. As of writing it trades at 0.9125, still holding a bearish tone.

A weaker US dollar across pushed the pair to the downside. The DXY fell to 93.20, trimming Tuesday’s gains. Over the last minutes, it recovered some strength amid risk aversion.

Equity prices in Wall Street turned decisively to the downside following comments from US Treasury Secretary Mnuchin about stimulus talks. Previously, the greenback and markets were moving sideways without a clear trend.

Regarding data in the US, the Producer Price Index (PPI) climbed 0.4% in September, surpassing markets expectations of a 0.2% increase. On Thursday, the weekly jobless claims report is due. Market participants continue to focus on stimulus talks, Brexit negotiations and US politics.

From a technical perspective, the improvement in USD/CHF seen on Tuesday was short-lived. The dollar needs to rise and hold above 0.9160 (horizontal resistance and downtrend line) to clear the way for a more significant recovery. The bearish bias still prevails. A slide under 0.9085 (October low) would likely lead to a test of 0.9050.

Levels to watch

 

Oct 14, 2020

NZD/USD climbs to fresh three-week highs, closes in on 0.6700

After fluctuating in a tight range near 0.6650 during the first half of the day, the NZD/USD pair gained traction in the American trading hours and cl
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Oct 14, 2020

US Treasury Secretary Mnuchin: A deal before elections is difficult

Equity prices turned to the downside after US Treasury Secretary Steven Mnuchin mentioned that stimulus talks are still far apart. Speaking at the Mil
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