Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
3 Feb 2022

USD/CHF stages a strong recovery from one-week low, retakes 0.9200 mark amid stronger USD

  • USD/CHF regained positive traction on Thursday and snapped four days of the losing streak.
  • Modest USD strength extended some support; a softer risk tone might cap any further gains.
  • Investors now look forward to the US ISM Services PMI for some meaningful trading impetus.

The USD/CHF pair maintained its bid tone heading into the European session and was last seen trading near the daily high, just above the 0.9200 round-figure mark.

The pair attracted fresh buying on Thursday and reversed a major part of the overnight losses to a one-week low. This marked the first day of a positive move for the USD/CHF pair in the previous five and was sponsored by a goodish pickup in the US dollar demand, though any meaningful upside still seems elusive.

As investors digested Wednesday's dismal US ADP report, the USD stalled its recent sharp pullback from the 18-month high and drew some support from hawkish Fed expectations. Investors seem convinced that the Fed will tighten its monetary policy at a faster pace than anticipated to contain stubbornly high inflation.

Apart from this, the USD uptick could further be attributed to some repositioning trade ahead of the key central bank event risks – the Bank of England and the European Central Bank meetings. That said, diminishing odds for a 50 bps Fed rate hike in March might hold back the USD bulls from placing aggressive bets.

Moreover, the conflict between Russia and the West over Ukraine could benefit the safe-haven Swiss franc and cap gains for the USD/CHF pair, at least for the time being. Investors might also refrain from placing aggressive bets and prefer to wait on the sidelines ahead of Friday's release of the US NFP report.

In the meantime, traders will take cues from Thursday's release of the US ISM Services PMI, due later during the early North American session. This, along with the broader market risk sentiment and the BoE/ECB-inspired volatility, should allow traders to grab some short-term opportunities around the USD/CHF pair.

Technical levels to watch

 

Feb 3, 2022

GBP/USD Price Analysis: Uptrend falters above 21-DMA ahead of BOE rate decision

GBP/USD is battling 1.3550, looking to extend its retreat from an eight-day top of 1.3587, as the US dollar bulls jump onto the bids amid a risk-off m
Read more Previous
Feb 3, 2022

EUR/JPY Price Analysis: Teases death-cross above 129.00 with eyes on ECB

EUR/JPY retreats from 21-day EMA surrounding weekly top. Bearish moving average cross-over, bumpy road to the north challenge buyers. Six-week-old as
Read more Next