The swissie continues to stay bid on the day
As buyers failed to hold above parity level earlier, price has continued to fall with the swissie holding rather firm on the day. With risk sentiment softer, the swissie is helping to get a bid on the back of fading trade optimism, poor Chinese economic data, and continuing tensions between India and Pakistan. The fact that the Trump-Kim summit failed to bear much fruit also adds a bit to the rhetoric here.
From a technical perspective though, the 100-day MA (red line) is a key level as buyers defended it in trading yesterday as well. There's also the 38.2 retracement level @ 0.9952 sitting nearby. These two levels will be key in limiting the drop for the pair today.
If sellers manage to breach these levels, that will open up a move back towards the 200-day MA (blue line) @ 0.9911. Looking ahead, be wary of the US Q4 GDP report set to be released in North American trading later.
