USDCHF Rebounds After Previous Week Sell-Off

USDCHF trades higher today after six consecutive days of losses, as the dollar gets some bids today after the sharp sell-off the previous week, as the USD liquidity normalized after the massive intervention by the Fed and other central banks around the globe the previous week. A big hit for USD last week was the historic jump in jobless claims on Thursday. U.S. Congress passed a 2.2 trillion-dollar stimulus bill to combat the coronavirus outbreak impact. 

On the economic data from Switzerland, the KOF Leading Indicator came in at 92.9, topping expectations of 81.6 in March. 

On the technical side, the first resistance for the USDCHF pair stands at 0.9567 the daily top. More pressure will be met at 0.9654 the high from Friday’s session. On the downside, immediate support for USDCHF will be met at 0.9497 the daily low. If the pair moves below, the next support area stands at 0.9449 the low from March 17th trading session. 

USDCHF Daily Chart
USDCHF Daily Chart

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