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  • The CHF rally stalls as the Swiss economy contracts in third quarter.
  • Broad USD weakness combined with risk-off keep USD/CHF vulnerable.

The USD/CHF pair found fresh buyers near 0.9915 in early Europe, as the Swiss franc ran through fresh offers after the Swiss economy unexpectedly contracted in the third quarter, coming in at -0.2% q/q vs. +0.4% expected and +0.7% last.

Despite the latest uptick to 0.9930 levels, the spot remains undermined amid ongoing broad-based US dollar weakness and re-emergence of the risk-off trades, as the focus shifts towards the US-China trade tensions heading into the Trump-Xi meeting scheduled tomorrow. The demand for the safe-haven Swiss franc tends to rise, as markets flock to safety in a bid to protect their capital.

Meanwhile, the US dollar could witness further weakness should the minutes of the Nov FOMC meeting show that the Fed remains cautious on further rate hike prospects while reiterating the dovish view delivered by the Fed Chair Powell a day before. In the meantime, the pair will continue to get influenced by the broader markets sentiment and USD-dynamics, as markets await the US macro updates for further momentum.

USD/CHF Technical Levels

USD/CHF

Overview:
       Today Last Price:  0.9929
       Today Daily change:  -6.0  pips
       Today Daily change %:  -0.0604%
       Today Daily Open:  0.9935
Trends:
       Previous Daily SMA20:  1.0011
       Previous Daily SMA50:  0.9932
       Previous Daily SMA100:  0.9892
       Previous Daily SMA200:  0.982
Levels:
       Previous Daily High:  1.0006
       Previous Daily Low:  0.9925
       Previous Weekly High:  1.0012
       Previous Weekly Low:  0.9908
       Previous Monthly High:  1.0096
       Previous Monthly Low:  0.9801
       Previous Daily Fibonacci 38.2%:  0.9956
       Previous Daily Fibonacci 61.8%:  0.9975
       Previous Daily Pivot Point S1:  0.9905
       Previous Daily Pivot Point S2:  0.9874
       Previous Daily Pivot Point S3:  0.9823
       Previous Daily Pivot Point R1:  0.9986
       Previous Daily Pivot Point R2:  1.0036
       Previous Daily Pivot Point R3:  1.0067