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Market Analysis

USDCHF Consolidates Near 0.9100 Ahead of FOMC Meeting Minutes
Amos Simanungkalit · 4.7K Views

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USD/CHF halted its three-day uptrend, trading near 0.9100 during Tuesday's European session. The 10-year Swiss government bond yield slightly rose to about 0.72%, suggesting the Swiss National Bank (SNB) may maintain current interest rates, bolstering the CHF and weighing on the USD/CHF pair.


Traders are eyeing the upcoming Swiss Employment Level report later this week, alongside SNB Chairman Thomas Jordan's speech on communication, monetary policy, and public impact at the Swiss Media Forum in Lucerne on Friday.


On the USD front, a correction lower is attributed to reduced US Treasury yields, pressuring the USD/CHF pair. The US Dollar Index (DXY), which gauges the USD against major currencies, dipped near 104.60, reflecting 2-year and 10-year US Treasury yields at 4.83% and 4.43%, respectively, at present.


The US Federal Reserve (Fed) remains cautious on inflation, with recent remarks from Loretta Mester of the Federal Reserve Bank of Cleveland indicating a shift away from expectations of multiple rate cuts in 2024. Mester underscored inflation risks and advocated for patience in data gathering amidst economic strength.

 

USDCHF

OVERVIEW
Today last price 0.9102
Today Daily Change -0.0004
Today Daily Change % -0.04
Today daily open 0.9106
 
TRENDS
Daily SMA20 0.9097
Daily SMA50 0.9044
Daily SMA100 0.8871
Daily SMA200 0.8876
 
LEVELS
Previous Daily High 0.9109
Previous Daily Low 0.9079
Previous Weekly High 0.9103
Previous Weekly Low 0.8988
Previous Monthly High 0.9195
Previous Monthly Low 0.8998
Daily Fibonacci 38.2% 0.9098
Daily Fibonacci 61.8% 0.909
Daily Pivot Point S1 0.9087
Daily Pivot Point S2 0.9068
Daily Pivot Point S3 0.9057
Daily Pivot Point R1 0.9117
Daily Pivot Point R2 0.9128
Daily Pivot Point R3 0.9147

 

 


Paraphrasing text from "FX Street" all rights reserved by the original author.

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