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29 Oct 2020

USD/CHF pares early losses, posts small gains above 0.9100 ahead of US data

  • USD/CHF staged a modest recovery in the European session.
  • US Dollar Index clings to modest gains around 93.50.
  • Focus shifts to third-quarter GDP data from the US.

The USD/CHF pair closed the first three days of the week in the positive territory and spent the first half of the day moving sideways below 0.9100 during the first half of the day. With the USD gathering strength in the last hour, however, the pair staged a recovery and was last seen gaining 0.07% on a daily basis.

Eyes on US GDP data

The US Dollar Index (DXY), which climbed to its highest level in more than a week at 93.64 on Wednesday, retreated toward 93.30 during the European trading hours as the improving market sentiment made it difficult for the USD to preserve its bullish momentum. Nevertheless, ahead of the US Bureau of Economic Analysis' initial estimate of the third-quarter Gross Domestic Product (GDP) growth, the DXY gained traction and is currently posting small gains at 93.53.

Following the 31.4% contraction in the GDP in the second quarter, markets expected the US economy to rebound decisively and expand by 31% in the third quarter. A weaker-than-expected reading could weigh on sentiment and help the greenback continue to outperform its rivals.

Ahead of this data, the S&P 500 futures are up 0.7% on the day and USD/CHF's upside could remain limited if Wall Street's main indexes push higher during the American trading hours.

Technical levels to watch for

 

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