USD/CHF retreats from three-month highs toward 0.9950 ahead of Jordan’s speech

• US dollar loses as US yields move off highs.
• USD/CHF bearish intraday bias, still above 0.9950
• SNB’s Jordan speaking in a few minutes.

The USD/CHF pulled back during the European session and bottomed at 0.9945 and then bounced back toward parity. Ahead of the speech SNB Chairman, it is hovering around 0.9965.

Earlier on Tuesday, USD/CHF peaked at 1.0020, the highest level since June 15. Afterwards, it retreated 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% earlier and currently, it is back under 3.90%. In Wall Street, the Dow Jones is up by 0.50% after a negative opening and the S&P drops by 0.25%.

In a few minutes, at 16:00 GMT, Swiss National Bank Chairman Thomas Jordan will deliver a lecture on ‘Ethics and Economics’ in Washington at the Peterson Institute. He might avoid speaking about monetary policy.

The intraday trend in USD/CHF remains bearish, although it has found support at 0.9950. A break lower is needed to trigger more losses. On the upside, above the parity area, the next critical resistance is the 1.0050 area.

Technical levels