#USDCHF @ 0.89546 has shown a recovery move to near 0.8950 despite a consistent decline in the USD Index. (Pivot Orderbook analysis)
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- USD/CHF has shown a recovery move to near 0.8950 despite a consistent decline in the USD Index.
- The overall market mood is still cheerful as the Fed is expected to pause its policy-tightening spell.
- US Retail Sales data is expected to show an expansion of 0.7% against a contraction of 0.6%, recorded for March.
The pair currently trades last at 0.89546.
The previous day high was 0.8988 while the previous day low was 0.8897. The daily 38.2% Fib levels comes at 0.8953, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8932, expected to provide support.
The USD/CHF pair has attempted a recovery after correcting to near 0.8940 in the early Asian session. The Swiss franc asset is required to pass more filters for building confidence among investors. The US Dollar Index (DXY) has not shown an n recovery action yet but is looking vulnerable above the immediate support of 102.40.
S&P500 futures are showing nominal losses in early Asia, portraying signs of caution ahead of US debt ceiling negotiations between congressional Republicans and US President Joe Biden. The overall market mood is still cheerful as the Federal Reserve (Fed) is expected to pause its policy tightening spell to avoid further damage to the economy.
The USD Index is expected to remain in action as the release of the United States Retail Sales (April) data will provide further guidance for June’s monetary policy. As per the consensus, monthly Retail Sales data are showing some recovery. The economic data is expected to show an expansion of 0.7% against a contraction of 0.6%, recorded for March.
Apart from that, US debt-ceiling talks will remain in the spotlight. A raise in debt-ceiling limit is highly required to save US Treasury from reporting default in making obligated payments. Economists at ANZ Bank believe that a deal will be reached to suspend the debt limit for a few months to provide more time to negotiate a mutually satisfactory outcome. Negotiations over that period are likely to be fractious, causing financial market volatility and disrupting growth.”
On the Swiss franc front, monthly Producer and Import Prices data accelerated by 0.2% in line with the prior release while the street was anticipating a contraction by 0.1%. On an annual basis, the economic data softened to 1.0% vs. the estimates of 1.1% and the former release of 2.1%. Consistency in the increase in offered prices for end consumers could force the Swiss National Bank (SNB) to remain hawkish ahead.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.8954 at the time of writing. Pair opened at 0.8983 and is trading with a change of -0.32 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8954 |
| 1 | Today Daily Change | -0.0029 |
| 2 | Today Daily Change % | -0.3200 |
| 3 | Today daily open | 0.8983 |
The pair is trading above its 20 Daily moving average @ 0.8924, below its 50 Daily moving average @ 0.9069 , below its 100 Daily moving average @ 0.9165 and below its 200 Daily moving average @ 0.9415
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8924 |
| 1 | Daily SMA50 | 0.9069 |
| 2 | Daily SMA100 | 0.9165 |
| 3 | Daily SMA200 | 0.9415 |
The previous day high was 0.8988 while the previous day low was 0.8897. The daily 38.2% Fib levels comes at 0.8953, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8932, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.8924, 0.8866, 0.8834
- Pivot resistance is noted at 0.9014, 0.9046, 0.9105
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8988 |
| Previous Daily Low | 0.8897 |
| Previous Weekly High | 0.8988 |
| Previous Weekly Low | 0.8868 |
| Previous Monthly High | 0.9198 |
| Previous Monthly Low | 0.8852 |
| Daily Fibonacci 38.2% | 0.8953 |
| Daily Fibonacci 61.8% | 0.8932 |
| Daily Pivot Point S1 | 0.8924 |
| Daily Pivot Point S2 | 0.8866 |
| Daily Pivot Point S3 | 0.8834 |
| Daily Pivot Point R1 | 0.9014 |
| Daily Pivot Point R2 | 0.9046 |
| Daily Pivot Point R3 | 0.9105 |
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