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USD/CHF finds support near 0.9900, consolidates losses ahead of US data

  • DXY fails to hold above the 97 mark on Thursday.
  • Risk-off mood helps CHF erase yesterday's losses.
  • Coming up: Weekly jobless claims and consumer confidence data from the U.S.

The USD/CHF pair, which gained nearly 100 pips from its daily low on Wednesday, failed to preserve its momentum today and retraced a large part of yesterday's rally. After testing the 0.99 handle earlier in the session, the pair rebounded slightly and was last seen trading at 0.9913, losing 0.43% on a daily basis.

The greenback's market valuation seems to be the primary driver of the pair's price action this week. With investors returning from the Christmas break yesterday, the improved market sentiment boosted the stock markets and the U.S. T-bond yields to help the US Dollar Index rise above the 97 mark. However, with bond yields losing their traction, the index reversed its course and was last seen down 0.25% on the day at 96.75.

Later in the day, weekly jobless claims and consumer confidence data from the U.S. will be looked upon for fresh impetus. However, markets are likely to pay close attention to the market's risk perception rather than the data releases.

USD/CHF technical levels

Overview:
   Today Last Price: 0.9913
   Today Daily change: -43 pips
   Today Daily change %: -0.432%
   Today Daily Open: 0.9956
Trends:
   Previous Daily SMA20: 0.9936
   Previous Daily SMA50: 0.9977
   Previous Daily SMA100: 0.9889
   Previous Daily SMA200: 0.987
Levels:
   Previous Daily High: 0.9964
   Previous Daily Low: 0.9818
   Previous Weekly High: 0.9986
   Previous Weekly Low: 0.984
   Previous Monthly High: 1.0129
   Previous Monthly Low: 0.9908
   Previous Daily Fibonacci 38.2%: 0.9908
   Previous Daily Fibonacci 61.8%: 0.9874
   Previous Daily Pivot Point S1: 0.9861
   Previous Daily Pivot Point S2: 0.9767
   Previous Daily Pivot Point S3: 0.9715
   Previous Daily Pivot Point R1: 1.0007
   Previous Daily Pivot Point R2: 1.0059
   Previous Daily Pivot Point R3: 1.0153

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