USD/CHF stays calm below 0.99 ahead of NFP data
- USD/CHF continues to correct Wednesday's rally.
- US Dollar Index stays in negative territory.
- Markets await December NFP report.
Following Wednesday's 70 pip rally, the USD/CHF staged a technical correction on Thursday and gave back 20 pips. With investors waiting patiently for the December employment data from the United States, the pair stays relatively calm and was last seen trading at 0.9868, losing 10 pips on the day.
Although the decisive gains witnessed in the major European equity indexes point to an improved market sentiment today, the modest selling pressure surrounding the greenback doesn't allow the pair to gain traction. At the moment, the DXY is down 0.12% on the day at 96.15.
Previewing today's NFP data, "A good US employment report will allay some of the contaigion fears for the US economy and offer the dollar support in the shape of a more aggressive Fed. But the key for the dollar, the US economy and US equities is a trade agreement with China," said FXStreet senior analyst Joseph Trvisani. "With a trade deal all three will gain as will the mainland economy and the rest of the world can enjoy the ride. But if by mid-year there is still no deal the impact on US and Chinese growth could lead the world to recession."
Technical levels to consider
Today Last Price: 0.9868
Today Daily change: -10 pips
Today Daily change %: -0.101%
Today Daily Open: 0.9878
Previous Daily SMA20: 0.9902
Previous Daily SMA50: 0.9964
Previous Daily SMA100: 0.9883
Previous Daily SMA200: 0.9881
Previous Daily High: 0.9914
Previous Daily Low: 0.9846
Previous Weekly High: 0.9964
Previous Weekly Low: 0.979
Previous Monthly High: 1.0009
Previous Monthly Low: 0.979
Previous Daily Fibonacci 38.2%: 0.9872
Previous Daily Fibonacci 61.8%: 0.9888
Previous Daily Pivot Point S1: 0.9845
Previous Daily Pivot Point S2: 0.9811
Previous Daily Pivot Point S3: 0.9777
Previous Daily Pivot Point R1: 0.9913
Previous Daily Pivot Point R2: 0.9947
Previous Daily Pivot Point R3: 0.9981