USD/CHF climbs above 0.9700 after SNB Chairman Jordan's comments

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The USD/CHF fell to a daily low of 0.9650 in the early trading hours of the European session but turned north on Swiss National Bank Chairman Thomas Jordan's remarks. As of writing, the pair was up 0.51% on the day at 0.9703.

CHF weakens after dovish SNB commentary

Jordan on Wednesday said that the SNB has room to lower its policy rate further if needed. "Using negative interest rate and interventions are particularly important at the moment as franc in demand as safe haven," Jordan explained and reiterated that they are will to intervene in currency markets more strongly.

Meanwhile, the US Dollar Index (DXY), which tracks the greenback's performance against a basket of six major currencies, staged a rebound after dropping to its lowest level in 23 days at 98.72 and helped the pair push higher.

Although there were no apparent catalysts that might have ramped up the demand for the USD, the renewed selling pressure surrounding the GBP seems to be helping the buck gather strength. As of writing, the DXY is virtually unchanged on a daily basis at 99.

Later in the day, the Federal Reserve's Beige Book will be watched closely by the market participants.

Technical levels to watch for

USD/CHF

Overview
Today last price0.9704
Today Daily Change0.0048
Today Daily Change %0.50
Today daily open0.9656

 

Trends
Daily SMA200.9702
Daily SMA500.9705
Daily SMA1000.9687
Daily SMA2000.9784

 

Levels
Previous Daily High0.9721
Previous Daily Low0.9647
Previous Weekly High0.9761
Previous Weekly Low0.9638
Previous Monthly High0.9803
Previous Monthly Low0.9595
Daily Fibonacci 38.2%0.9675
Daily Fibonacci 61.8%0.9693
Daily Pivot Point S10.9628
Daily Pivot Point S20.96
Daily Pivot Point S30.9554
Daily Pivot Point R10.9702
Daily Pivot Point R20.9749
Daily Pivot Point R30.9776