#USDCHF @ 0.90550 is displaying a sideways performance above 0.9050 ahead of US Durable Goods Orders data. (Pivot Orderbook analysis)
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- USD/CHF is displaying a sideways performance above 0.9050 ahead of US Durable Goods Orders data.
- Weekly Fed emergency lending to banks fell to its lowest level since the banking sector ran into trouble in March.
- The overall market mood is still cautious as investors are worried that the US economy could announce a default
The pair currently trades last at 0.90550.
The previous day high was 0.9067 while the previous day low was 0.9005. The daily 38.2% Fib levels comes at 0.9044, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9029, expected to provide support.
The USD/CHF pair is demonstrating topsy-turvy moves above 0.9050 in the early Tokyo session. The Swiss Franc asset is expected to remain sideways as investors have shifted their focus toward the release of the United States Durable Goods Orders data.
S&P500 futures have displayed some losses in early Asia after a solid recovery on Thursday. The overall market mood is still cautious as investors are worried that the United States economy could announce a default in making obligated payments due to diverged proposals from the White House and Republican leaders.
Meanwhile, House of Representatives Kevin McCarthy said it’s difficult to reach an agreement after diverged opinions on budget’s spending but we’re working and will keep working till we finish.
The US Dollar Index (DXY) has shown some exhaustion in the upside momentum after printing a fresh two-month high of 104.31 as the resilience in the United States economy is releasing heat.
Weekly Federal Reserve (Fed) emergency lending to banks fell to its lowest level since the banking sector ran into trouble in March, as reported by Reuters. Tighter credit conditions and bleak economic outlook have forced firms to operate with their ploughed-back profits and that too at reduced operating capacity. This could result in easing labor market conditions which would allow the Fed to remain neutral on interest rates in June’s monetary policy meeting.
Going forward, US Durable Goods Orders data (April) will remain in focus. The economic data is seen contracting by 1.0% against an expansion of 3.2% reported earlier.
On the Swiss Franc front, Q1 Employment Level data will be keenly watched. As per the preliminary report, the Swiss labor market has added fresh 35K employees in the first quarter.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.9054 at the time of writing. Pair opened at 0.905 and is trading with a change of 0.04 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.9054 |
| 1 | Today Daily Change | 0.0004 |
| 2 | Today Daily Change % | 0.0400 |
| 3 | Today daily open | 0.9050 |
The pair is trading above its 20 Daily moving average @ 0.895, above its 50 Daily moving average @ 0.9023 , below its 100 Daily moving average @ 0.9142 and below its 200 Daily moving average @ 0.9395
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8950 |
| 1 | Daily SMA50 | 0.9023 |
| 2 | Daily SMA100 | 0.9142 |
| 3 | Daily SMA200 | 0.9395 |
The previous day high was 0.9067 while the previous day low was 0.9005. The daily 38.2% Fib levels comes at 0.9044, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9029, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.9015, 0.8979, 0.8953
- Pivot resistance is noted at 0.9077, 0.9103, 0.9139
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.9067 |
| Previous Daily Low | 0.9005 |
| Previous Weekly High | 0.9063 |
| Previous Weekly Low | 0.8920 |
| Previous Monthly High | 0.9198 |
| Previous Monthly Low | 0.8852 |
| Daily Fibonacci 38.2% | 0.9044 |
| Daily Fibonacci 61.8% | 0.9029 |
| Daily Pivot Point S1 | 0.9015 |
| Daily Pivot Point S2 | 0.8979 |
| Daily Pivot Point S3 | 0.8953 |
| Daily Pivot Point R1 | 0.9077 |
| Daily Pivot Point R2 | 0.9103 |
| Daily Pivot Point R3 | 0.9139 |
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