#USDCHF @ 0.90075 has faced barricades above 0.9020 as the recovery move in the USD Index has concluded. (Pivot Orderbook analysis)
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- USD/CHF has faced barricades above 0.9020 as the recovery move in the USD Index has concluded.
- A sell-off move in the USD Index has come as investors are hoping that the Fed could skip hiking rates in June.
- The IMF still believes that the Fed and other global banks to stay on course of tightening monetary policy.
The pair currently trades last at 0.90075.
The previous day high was 0.9108 while the previous day low was 0.899. The daily 38.2% Fib levels comes at 0.9035, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9063, expected to provide resistance.
The USD/CHF pair has faced stiff barricades after a recovery move to near 0.9020 in the late European session. The Swiss Franc asset has resumed its downside journey as the US Dollar Index (DXY) has retreated. A sell-off move in the USD Index has come as investors are hoping that the Federal Reserve (Fed) could skip hiking interest rates in June.
S&P500 futures have recovered their entire losses posted in Europe as the market mood has turned cheerful as expectations for a neutral interest rate policy by the Fed have deepened. According to economists surveyed by Bloomberg, most economists expect the Fed to pause interest-rate increases next week for the first time in 15 months and leave policy on hold through December, even as it confronts a resilient US economy and persistent inflation.
Contrary to the street, International Monetary Fund (IM)F spokesperson Julie Kozack said on Thursday the Fed and other global central banks should continue their policy-tightening spell and remain committed to arresting inflation.
The USD Index has attracted significant offers after recovering to near 103.60 as an unchanged policy stance by the Fed would restrict its upside for a longer period. Meanwhile, the US Treasury yields have extended their gains further. The yields offered on 10-year US Treasury bonds have jumped above 3.76%.
A comparative analysis of the USD/CHF pair and the USD Index shows that the correction in the USD Index has higher strength than in the Swiss Franc asset. This could be the outcome of hawkish commentary by Swiss National Bank (SNB) Chairman Thomas J. Jordan. SNB Jordan said it’s really important to bring Swiss inflation to a level of price stability,” He further added it would not be a good idea to wait for inflation to rise and then raise interest rates. Investors should note that the SNB has already raised interest rates to 1.50%.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.9014 at the time of writing. Pair opened at 0.8991 and is trading with a change of 0.26 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.9014 |
| 1 | Today Daily Change | 0.0023 |
| 2 | Today Daily Change % | 0.2600 |
| 3 | Today daily open | 0.8991 |
The pair is trading below its 20 Daily moving average @ 0.9034, above its 50 Daily moving average @ 0.8992 , below its 100 Daily moving average @ 0.9121 and below its 200 Daily moving average @ 0.9362
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.9034 |
| 1 | Daily SMA50 | 0.8992 |
| 2 | Daily SMA100 | 0.9121 |
| 3 | Daily SMA200 | 0.9362 |
The previous day high was 0.9108 while the previous day low was 0.899. The daily 38.2% Fib levels comes at 0.9035, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9063, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.8951, 0.8912, 0.8833
- Pivot resistance is noted at 0.9069, 0.9147, 0.9187
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.9108 |
| Previous Daily Low | 0.8990 |
| Previous Weekly High | 0.9148 |
| Previous Weekly Low | 0.9014 |
| Previous Monthly High | 0.9148 |
| Previous Monthly Low | 0.8820 |
| Daily Fibonacci 38.2% | 0.9035 |
| Daily Fibonacci 61.8% | 0.9063 |
| Daily Pivot Point S1 | 0.8951 |
| Daily Pivot Point S2 | 0.8912 |
| Daily Pivot Point S3 | 0.8833 |
| Daily Pivot Point R1 | 0.9069 |
| Daily Pivot Point R2 | 0.9147 |
| Daily Pivot Point R3 | 0.9187 |
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