#USDCHF @ 0.86665 The US Dollar remains steady near one-month highs with investors reassessing the chances of Fed cuts in March (Pivot Orderbook analysis)
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- The US Dollar remains steady near one-month highs with investors reassessing the chances of Fed cuts in March
- SNB Chairman, Thomas Jordan’s hints at a monetary policy shift are weighing on the CHF.
- USD/CHF needs to breach the 0.8675 level to extend its recovery.
The pair currently trades last at 0.86665.
The previous day high was 0.8685 while the previous day low was 0.8608. The daily 38.2% Fib levels comes at 0.8656, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8637, expected to provide support.
The US Dollar maintains its positive trend intact on Thursday. The pair’s downside attempts have been capped at 0.8630 and USD bulls remain focused on the 0.8675 resistance area.
Earlier today, SNB’s chairman, Thomas Jordan, complained about excessive Swiss Franc strength, suggesting that the bank could reconsider its monetary policy. These comments have sent the Swissie lower across the board.
In the US, the strong Retail Sales data released on Wednesday and the positive conclusions of the Fed’s Beige Book ad to evidence of the solid US economic momentum and increased doubts on a March rate cut.
The Focus now is on the US Weekly Jobless Claims and housing data. Apart from that, Atlanta Fed President Raphael Bostic will meet the press and give further clues about the bank’s monetary policy.
The pair is trending higher and has reached the 38.2% Fibonacci retracement of the late 2023 decline, at 0.8675 where it has met some resistance. Above here, the next targets are 0.8720 and the 50% Fib retracement, at 0.8780. Supports are 0.8615 and the previous resistance at 0.8575.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.8652 at the time of writing. Pair opened at 0.8646 and is trading with a change of 0.07 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8652 |
| 1 | Today Daily Change | 0.0006 |
| 2 | Today Daily Change % | 0.0700 |
| 3 | Today daily open | 0.8646 |
The pair is trading above its 20 Daily moving average @ 0.8514, below its 50 Daily moving average @ 0.8684 , below its 100 Daily moving average @ 0.8848 and below its 200 Daily moving average @ 0.8866
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8514 |
| 1 | Daily SMA50 | 0.8684 |
| 2 | Daily SMA100 | 0.8848 |
| 3 | Daily SMA200 | 0.8866 |
The previous day high was 0.8685 while the previous day low was 0.8608. The daily 38.2% Fib levels comes at 0.8656, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8637, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.8607, 0.8569, 0.853
- Pivot resistance is noted at 0.8685, 0.8724, 0.8763
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8685 |
| Previous Daily Low | 0.8608 |
| Previous Weekly High | 0.8566 |
| Previous Weekly Low | 0.8460 |
| Previous Monthly High | 0.8821 |
| Previous Monthly Low | 0.8333 |
| Daily Fibonacci 38.2% | 0.8656 |
| Daily Fibonacci 61.8% | 0.8637 |
| Daily Pivot Point S1 | 0.8607 |
| Daily Pivot Point S2 | 0.8569 |
| Daily Pivot Point S3 | 0.8530 |
| Daily Pivot Point R1 | 0.8685 |
| Daily Pivot Point R2 | 0.8724 |
| Daily Pivot Point R3 | 0.8763 |
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