USD/CHF steady above 0.9120 after bouncing up from 0.9075

The US dollar has bounced up strongly from two-week lows at 0.9075 on the early US session, returning above 0.9100 after the release of upbeat US macr  |  23/11/2020 21:59
  • USD/CHF steady above 0.9120 after bouncing up from 0.9075.
  • The dollar appreciated across the board on upbeat US PMI figures.
  • USD/CHF Below 0.8943, 2014 lows at 0.8703/0.8698 could be revisited – Commerzbank.

The US dollar has bounced up strongly from two-week lows at 0.9075 on the early US session, returning above 0.9100 after the release of upbeat US macroeconomic data. The pair has consolidated above 0.9120 after rejection from 0.9150

US dollar rallies after US PMI data

The greenback opened the week on the defensive, weighed by a risk-on sentiment after news of the promising results of AstraZeneca’s COVID-19 vaccine boosted market mood Beyond that, the widely expected monetary easing action from the Federal Reserve has contributed to weaken the USD.

Macroeconomic data offered a fresh boost to the US dollar, which had retreated to two-week lows at 0.9075. The preliminary US Markit PMI advanced a better-than-expected performance of US private sector activity which increased demand for the USD and pushed the pair to session highs near 0.9150.

USD/CHF: Breach of 0.8943 would expose 2014 lows at 0.8703/0.8698 – Commerzbank

From a technical perspective, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, sees the pair neutral to negative while below 0.9162: The pair has recently reversed from 0.8983, however, this has not overcome any resistance of note and attention has reverted back to this low (…) The recent low at 0.8983 guards 0.8943 (TD support) (…) Failure at 0.8943 is needed to introduce scope to the 0.8703/.8698 2014 lows.”

Technical levels to watch

 

 

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