USD/CHF Continues Its Losing Streak On Subdued US Dollar, Stretches Lower To Near 0.8560

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USD/CHF extends its losses as the US Dollar loses ground on subdued US yields.

Swiss Manufacturing PMI improved to 43.1 but fell short of the expected 44.5.

US Treasury yields face challenges as the regional bank New York Community Bancorp is stressed in its commercial real estate portfolio.

USD/CHF loses ground for the third consecutive session, edging lower to near 0.8560 during the European trading hours on Friday. The downbeat labor data from the United States (US) weakened the US Dollar (USD), which in turn, acted as a headwind for .The Swiss Manufacturing Purchasing Managers Index (PMI) released by the Trade Association for Purchasing and Supply Management showed that production growth in Switzerland has slightly improved but failed to meet the market expectations. The index improved to 43.1 in January from the previous reading of 43.0, falling short of the expected 44.5 reading.Recent economic events indicated a decline in Swiss Real Retail Sales and Consumer Demand, contrasting with a rise in  that exceeded market consensus. Looking ahead, projections for this year suggest that inflation will average below the 2% threshold. The consensus expectation is for the Swiss National Bank (SNB) to implement its first rate cut in September 2024.The subdued US Treasury yields are adding pressure on the US Dollar (USD). The downward pressure on US Treasury yields followed reports from regional bank New York Community Bancorp, revealing increased stress in its commercial real estate portfolio.Furthermore, the  (USD) faced downward pressure following the release of mixed economic data from the United States (US) on Thursday. Initial Jobless Claims for the week ending on January 26 increased to 224K, surpassing both the previous rise of 215K and the expected figure of 212K.However, the ISM Manufacturing PMI improved, climbing to 49.1 from the prior reading of 47.1, surpassing the anticipated figure of 47.0 in January. More labor data, including US Average Hourly Earnings and  (NFP), is scheduled for release on Friday.
 USD/CHF: Technical Levels To Watch

OVERVIEW Today last price 0.8558 Today Daily Change -0.0019 Today Daily Change % -0.22 Today daily open 0.8577 TRENDS Daily SMA20 0.8601 Daily SMA50 0.8627 Daily SMA100 0.8821 Daily SMA200 0.885 LEVELS Previous Daily High 0.865 Previous Daily Low 0.8571 Previous Weekly High 0.8728 Previous Weekly Low 0.8607 Previous Monthly High 0.8728 Previous Monthly Low 0.8399 Daily Fibonacci 38.2% 0.8601 Daily Fibonacci 61.8% 0.862 Daily Pivot Point S1 0.8549 Daily Pivot Point S2 0.8521 Daily Pivot Point S3 0.847 Daily Pivot Point R1 0.8627 Daily Pivot Point R2 0.8678 Daily Pivot Point R3 0.8706

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