The USDCHF currency pair, currently at 0.92087, is observed to be stabilizing after its significant upward movement, reaching the highest level it has been in six months.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• USD/CHF is seen consolidating its recent strong positive move to a six-month high.

The pair currently trades last at 0.92087.

The previous day high was 0.9225 while the previous day low was 0.9145. The daily 38.2% Fib levels comes at 0.9195, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9176, expected to provide support.

The USD/CHF pair reverses a modest Asian session dip on Thursday and now trades above the 0.9200 mark, well within the striking distance of its highest level since late March touched the previous day.

Despite a modest downtick in the US Treasury bond yields, the US Dollar (USD) manages to hold steady near a 10-month high and turns out to be a key factor acting as a tailwind for the USD/CHF pair. Market participants now seem convinced that the Federal Reserve (Fed) will stick to its hawkish stance and have been pricing in the possibility of at least one more rate hike by the end of this year. The bets were reaffirmed by the overnight hawkish comments by Minneapolis Fed President Neel Kashkari, saying that it is not clear yet whether the central bank is finished raising rates amid ample evidence of ongoing economic strength.

Adding to this, the better-than-expected release of the US Durable Goods Orders prompted some economists to raise the third-quarter GDP growth estimates and should allow the Fed to keep rates higher for longer. This, in turn, pushed the yield on the yield on the benchmark 10-year US government bond to a 16-year peak and favours the USD bulls. That said, extremely overbought conditions, along with the increasing possibility of a US government shutdown, hold back the USD bulls from placing fresh bets. Republican US House Speaker Kevin McCarthy on Wednesday rejected a stopgap funding bill advancing in the Senate.

This comes on top of persistent worries over China’s ailing property sector and concerns about economic headwinds stemming from rapidly rising borrowing costs, which, in turn, tempers investors’ appetite for riskier assets. This is evident from the prevalent risk-off environment and benefits the Swiss Franc’s (CHF) relative safe-haven status, keeping a lid on any further gains for the USD/CHF pair. Traders now look to the US economic docket, featuring the final Q2 GDP print and the usual Weekly Initial Jobless Claims. This, along with the US bond yields, might influence the USD and provide some impetus to the USD/CHF pair.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9213 at the time of writing. Pair opened at 0.9213 and is trading with a change of 0.0 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.8971, 50 SMA 0.8841, 100 SMA @ 0.8894 and 200 SMA @ 0.9033.

The previous day high was 0.9225 while the previous day low was 0.9145. The daily 38.2% Fib levels comes at 0.9195, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9176, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9164, 0.9114, 0.9083
• Pivot resistance is noted at 0.9244, 0.9275, 0.9325

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...