#USDCHF @ 0.91114 has recorded a fresh day’s high at 0.9120 amid strength in the USD Index. (Pivot Orderbook analysis)
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- USD/CHF has recorded a fresh day’s high at 0.9120 amid strength in the USD Index.
- The USD Index might post more gains as more rates by the Fed will widen the interest rate divergence with other central banks.
- Swiss inflation remained mixed as monthly CPI dipped to 0.3% while annual inflation accelerated marginally to 2.2%.
The pair currently trades last at 0.91114.
The previous day high was 0.9093 while the previous day low was 0.9035. The daily 38.2% Fib levels comes at 0.9071, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9057, expected to provide support.
The USD/CHF pair has refreshed its intraday high at 0.9120 in the European session. The Swiss Franc asset has been infused with an adrenaline rush amid sheer strength in the US Dollar. The major has been underpinned as the Federal Reserve (Fed) is expected to raise interest rates. The odds for a fresh interest rate hike by the Fed are skyrocketing amid tight labor market conditions.
S&P500 futures have recovered their entire losses posted in Asia and have turned positive, indicating a solid recovery in the risk appetite of the market participants. Investors should note that US equities were significantly bought on Friday and now mild correction is being capitalized as a buying opportunity, portraying that the overall market mood is extremely cheerful.
The US Dollar Index (DXY) has printed a fresh day’s high at 104.32. Investors are hopeful that the USD Index will post more gains as more interest rate hikes by the Fed will widen the interest rate divergence with other central banks. The strength in the USD Index has also pushed US Treasury yields significantly higher. The 10-year US Treasury yields have accelerated sharply to near 3.75%.
A power-pack action cannot be ruled out on Monday as the US ISM agency will report Services PMI data. The economic data will be closely watched as the Manufacturing activity contracted straight for the seventh time. A decline in Services PMI could recede hopes of further policy-tightening by the Fed.
Meanwhile, the Swiss Franc has faced pressure after the release of mixed inflation (May) data. The monthly Consumer Price Index (CPI) accelerated at a slower pace of 0.3% while the street was anticipating a pace of 0.4%. Contrary to that, the annual CPI figure jumped to 2.2% vs. the consensus of 2.1% but decelerated sharply from the prior release of 2.6%.
The Swiss National Bank (SNB) could raise interest rates further as SNB Chairman Thomas J. Jordan cited that risks associated with a high-inflated economy are higher than a low-inflation environment.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.9117 at the time of writing. Pair opened at 0.9092 and is trading with a change of 0.27 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.9117 |
| 1 | Today Daily Change | 0.0025 |
| 2 | Today Daily Change % | 0.2700 |
| 3 | Today daily open | 0.9092 |
The pair is trading above its 20 Daily moving average @ 0.9004, above its 50 Daily moving average @ 0.9001 , below its 100 Daily moving average @ 0.9127 and below its 200 Daily moving average @ 0.9376
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.9004 |
| 1 | Daily SMA50 | 0.9001 |
| 2 | Daily SMA100 | 0.9127 |
| 3 | Daily SMA200 | 0.9376 |
The previous day high was 0.9093 while the previous day low was 0.9035. The daily 38.2% Fib levels comes at 0.9071, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9057, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.9054, 0.9015, 0.8996
- Pivot resistance is noted at 0.9112, 0.9131, 0.917
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.9093 |
| Previous Daily Low | 0.9035 |
| Previous Weekly High | 0.9148 |
| Previous Weekly Low | 0.9014 |
| Previous Monthly High | 0.9148 |
| Previous Monthly Low | 0.8820 |
| Daily Fibonacci 38.2% | 0.9071 |
| Daily Fibonacci 61.8% | 0.9057 |
| Daily Pivot Point S1 | 0.9054 |
| Daily Pivot Point S2 | 0.9015 |
| Daily Pivot Point S3 | 0.8996 |
| Daily Pivot Point R1 | 0.9112 |
| Daily Pivot Point R2 | 0.9131 |
| Daily Pivot Point R3 | 0.9170 |
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