USD/CHF pulls back from 3-month highs towards 0.9950 ahead of Jordan’s speech

• The dollar loses ground as US yields move away from the highs.
• USD/CHF bearish intraday, above 0.9950
• Jordan from the SNB will speak in a few minutes.

The USD/CHF fell back during the European session and bottomed at 0.9945 before bouncing back towards parity. Waiting for the SNB president’s speech, she is around 0.9965.

On Tuesday, USD/CHF hit a high of 1.0020, the highest level since June 15. Subsequently, it pulled back as the US dollar lost momentum across the board. The combination of an improvement in risk sentiment and a decline in US yields.

The US 10-year yield hit levels above 4.00% previously and is now back below 3.90%. On Wall Street, the Dow Jones rose 0.50% after opening negative and the S&P fell 0.25%.

In a few minutes, at 16:00 GMT, the president of the Swiss National Bank, Thomas Jordan, will deliver a lecture on “Ethics and Economics” at the Peterson Institute in Washington. He may avoid talking about monetary policy.

The USD/CHF intraday trend remains bearish, although it has found support at 0.9950. A breakout to the downside is needed to trigger further losses. To the upside, above the parity zone, the next critical resistance is the 1.0050 area.

Technical levels