USDCHF: Marks four-day winning streak below 0.9700, US Jobless Claims eyed
- USD/CHF probes weekly high amid broad US dollar strength.
- Risk-tone dwindles amid coronavirus fears.
- Swiss CPI, US Jobless Claims will decorate the economic calendar.
Struggling to gain proper direction from the risk catalysts, USD/CHF respects broad US dollar strength while rising to 0.9680 during the early Thursday. In doing so the pair respects the broad US dollar strength while also waiting for the Swiss Consumer Price Index (CPI) and the key US Jobless Claims for fresh impulse.
The US dollar remains on the front foot versus the majority of its counterparts amid broad risk aversion due to the coronavirus (COVID-19). The deadly disease recently infected more than 200,000 people in the US while also threatened the lives of more than 100,000 in Italy and Spain.
While markets are jostling with virus fears, the US Fed announced temporary measures to boost liquidity for large banks. Even so, the risk-tone remains heavy with the US 10-year treasury yields down five basis points to 0.586% by the press time.
It’s worth mentioning that even in the rush to safeguard respective economies from the virus, global central banks liquidated more than $100 billion worth of Treasury notes in the three weeks ended March 25, according to Federal Reserve data.
Moving on, the Swiss CPI for March, YoY expected -0.5% versus -0.1%, will be immediate catalyst ahead of the weekly US Jobless Claims for the period ending on March 25. The recently important US employment data bears the consensus of rising by 3500K from the previous 3283K mainly due to the virus impact on the businesses. Analysts at the Goldman Sachs anticipate 5250K figures, which in turn could propel the risk-off.
Technical analysis
A daily closing beyond a 50-day SMA level of 0.9673 becomes necessary to question the 0.9700 mark.
Additional important levels
| Overview | |
|---|---|
| Today last price | 0.9678 |
| Today Daily Change | 24 pips |
| Today Daily Change % | 0.25% |
| Today daily open | 0.9654 |
| Trends | |
|---|---|
| Daily SMA20 | 0.9588 |
| Daily SMA50 | 0.9673 |
| Daily SMA100 | 0.9741 |
| Daily SMA200 | 0.981 |
| Levels | |
|---|---|
| Previous Daily High | 0.9691 |
| Previous Daily Low | 0.9603 |
| Previous Weekly High | 0.9902 |
| Previous Weekly Low | 0.9502 |
| Previous Monthly High | 0.9902 |
| Previous Monthly Low | 0.9183 |
| Daily Fibonacci 38.2% | 0.9657 |
| Daily Fibonacci 61.8% | 0.9637 |
| Daily Pivot Point S1 | 0.9608 |
| Daily Pivot Point S2 | 0.9561 |
| Daily Pivot Point S3 | 0.9519 |
| Daily Pivot Point R1 | 0.9696 |
| Daily Pivot Point R2 | 0.9738 |
| Daily Pivot Point R3 | 0.9785 |
Source: FxStreet
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