USD/CHF stands flat on quiet Thursday, with technical indicators near oversold territory

The USD/CHF is hovering around the 0.8835 level, reflecting slight losses on the day.
The pair continues consolidating, with indicators suggesting stagnation near oversold levels.
No relevant reports were released on Thursday, and US markets were closed as the country celebrated Thanksgiving.

Patricio Martín FXStreet

On Thursday, the USD/CHF pair experienced minor losses, nudging lower to trade around the 0.8835 mark. The marginal downtrend primarily stemmed from a relatively muted session, with the American traders on the sidelines celebrating Thanksgiving.

All eyes are on Friday when the S&P will release November's preliminary PMIs, which could impact the USD price dynamics and provide a clearer picture of the US economy. As the Federal Reserve (Fed) maintains a hawkish stance and could implement further tightening measures, positive figures may strengthen the USD via hawkish bets on the Fed.

A no-hike is already priced in for December, and markets are betting on rate cuts by mid-2024. However, it will come down to the incoming data, and before the last 2023 meeting, the Fed will get an additional Consumer Price Index (CPI) and Nonfarm Payrolls reports from November.

USD/CHF levels to watch

The indicators on the daily chart reflect that the pair may continue consolidating losses in the short term. The Relative Strength Index (RSI) nearing oversold conditions suggests that the selling momentum has been strong recently, indicating a potential short-term oversold bounce. However, the flat red bars of the Moving Average Convergence Divergence (MACD) give a nod towards a stagnant bearish sentiment. The pair is below the 20-day Simple Moving Averages (SMA), indicating that bears have gained some ground in the short term, reinforced by the bear's breather stance visible in the price chart.

On the broader scale, the pair is below the 20,100 and 200-day Simple Moving Averages (SMA), favouring the case of a bearish bias for the short-term.

Support Levels: 0.8820, 0.8800, 0.8780.
Resistance Levels: 0.8860, 0.8890 (100-day SMA), 0.8900.

USD/CHF daily chart

USD/CHF

Overview
Today last price	0.8837
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	0.8838

Trends
Daily SMA20	0.8969
Daily SMA50	0.9016
Daily SMA100	0.8895
Daily SMA200	0.8986

Levels
Previous Daily High	0.8875
Previous Daily Low	0.882
Previous Weekly High	0.9052
Previous Weekly Low	0.8853
Previous Monthly High	0.9244
Previous Monthly Low	0.8888
Daily Fibonacci 38.2%	0.8854
Daily Fibonacci 61.8%	0.8841
Daily Pivot Point S1	0.8814
Daily Pivot Point S2	0.879
Daily Pivot Point S3	0.8759
Daily Pivot Point R1	0.8868
Daily Pivot Point R2	0.8899
Daily Pivot Point R3	0.8923

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.