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Nikolas Papas

Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).

USDCHF

USDCHF At 17-Month Lows After Fed Emergency Rate Cut

March 5, 2020
USDCHF Daily Chart
USDCHF Daily Chart

USDCHF is under selling pressure for the fifth consecutive day after the Fed yesterday in a surprising move cut the interest rates by 50 basis points to 1%-1.25%. US Dollar got a hit on Monday after the weaker ISM manufacturing PMI. U.S. ISM Manufacturing PMI registered in at 50.1 below the market expectations of 50.5 in February. The ISM Manufacturing Prices Paid registered in at 45.9, also below the expectations of 51.

Traders today await the release of the ADP report on private-sector employment and the ISM Non-Manufacturing PMI, which affect the USDCHF price dynamics and produce some short-term trading opportunities.  

USDCHF technical outlook is bearish as the pair makes consecutively lower lows and lower highs and also trades below all major daily moving averages.  

The first support for the stands at 0.9540 the daily low. The next support level will be met at 0.9526 the low from April 10th, 2018. 

On the other hand, initial resistance will be met at 0.9596 the daily high. The next hurdle stands at 0.9654 the high from March 2, while Friday’s high at 0.9695 is the next supply zone. 

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