#USDCHF @ 0.91041 is oscillating above 0.9100 as the USD Index has gauged an intermediate cushion around 104.20. (Pivot Orderbook analysis)
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- USD/CHF is oscillating above 0.9100 as the USD Index has gauged an intermediate cushion around 104.20.
- Fed’s interest rates are already above 5% and effectively weighing on firms in augmenting fixed and working capital requirements.
- Retail demand by Swiss households has sharply contracted due to the burden of a higher cost of living.
The pair currently trades last at 0.91041.
The previous day high was 0.9084 while the previous day low was 0.9014. The daily 38.2% Fib levels comes at 0.9057, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9041, expected to provide support.
The USD/CHF pair is demonstrating a back-and-forth action above the round-level support of 0.9100 in the Asian session. The Swiss Franc asset has turned sideways as investors are awaiting the release of the United States Employment data.
S&P500 witnessed selling pressure amid rising expectations of one more interest rate hike from the Federal Reserve (Fed). Interest rates are already above 5% and effectively weighing on firms in augmenting fixed and working capital requirements and an escalation in already restrictive policy would weigh more pressure on firms.
The US Dollar Index (DXY) displayed a vertical sell-off from 104.70 as Republican leaders are confident that the US debt-ceiling bill will get passage in Congress. This has led to a sheer decline in US Treasury yields. The yields offered on 10-year US government bonds have dropped below 3.65%.
On Thursday, US Automatic Data Processing (ADP) Employment Change (May) will remain in the spotlight. As per the expectations, the US economy added fresh 170K personnel in the labor market lower than the prior addition of 296K. Currently, labor market conditions are pretty decent and are supporting one more interest rate hike from the Fed.
Apart from the US Employment data, US ISM Manufacturing PMI (May) will be in focus. The economic data is expected to soften marginally to 47.0 vs. the former release of 47.1. While the New Orders Index that indicates forward demand is expected to drop to 44.9 from the prior release of 45.7.
On the Swiss Franc front, annual Real Retail Sales (April) contracted significantly by 3.7% while the street was anticipating a contraction of 1.4%, and previous data was contracted by 1.9%. A sharp decline in retail demand by households due to the burden of a higher cost of living could force the Swiss National Bank (SNB) to go light on interest rates.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.9105 at the time of writing. Pair opened at 0.9058 and is trading with a change of 0.52 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.9105 |
| 1 | Today Daily Change | 0.0047 |
| 2 | Today Daily Change % | 0.5200 |
| 3 | Today daily open | 0.9058 |
The pair is trading above its 20 Daily moving average @ 0.8972, above its 50 Daily moving average @ 0.9006 , below its 100 Daily moving average @ 0.9133 and below its 200 Daily moving average @ 0.9384
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8972 |
| 1 | Daily SMA50 | 0.9006 |
| 2 | Daily SMA100 | 0.9133 |
| 3 | Daily SMA200 | 0.9384 |
The previous day high was 0.9084 while the previous day low was 0.9014. The daily 38.2% Fib levels comes at 0.9057, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9041, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.902, 0.8982, 0.8951
- Pivot resistance is noted at 0.909, 0.9122, 0.916
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.9084 |
| Previous Daily Low | 0.9014 |
| Previous Weekly High | 0.9075 |
| Previous Weekly Low | 0.8941 |
| Previous Monthly High | 0.9198 |
| Previous Monthly Low | 0.8852 |
| Daily Fibonacci 38.2% | 0.9057 |
| Daily Fibonacci 61.8% | 0.9041 |
| Daily Pivot Point S1 | 0.9020 |
| Daily Pivot Point S2 | 0.8982 |
| Daily Pivot Point S3 | 0.8951 |
| Daily Pivot Point R1 | 0.9090 |
| Daily Pivot Point R2 | 0.9122 |
| Daily Pivot Point R3 | 0.9160 |
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