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Market Analysis

USDCHF Remains Below 0.8950 Amid Middle East Geopolitical Tensions
Amos Simanungkalit · 6K Views

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The USD/CHF pair weakened to around 0.8925 during early Asian trading hours on Tuesday, driven by a broadly weaker US Dollar (USD). Investors are closely watching the Swiss National Bank's (SNB) Quarterly Bulletin for Q2, which will be released on Wednesday. Key US economic data this week includes the final Q1 Gross Domestic Product (GDP) reading on Thursday and the May Personal Consumption Expenditure (PCE) Price Index on Friday.

 

US Federal Reserve (Fed) officials remain cautious about reducing interest rates, emphasizing that their decisions will be data-driven. On Monday, San Francisco Fed President Mary Daly remarked that the Fed must continue its efforts to restore price stability without causing significant economic disruption. Daly acknowledged that while the central bank has more work to do to control inflation, it is not the only risk they face.

 

According to the CME FedWatch Tool, traders are now pricing in nearly a 66% chance of a Fed rate cut in September, up from 59.5% at the end of last week. Speeches from Fed officials Lisa Cook and Michelle Bowman later on Tuesday may provide further insights into the interest rate outlook for this year. Hawkish remarks from Fed policymakers could support the Greenback and limit the downside for USD/CHF.

 

Conversely, ongoing geopolitical tensions in the Middle East and Ukraine may boost safe-haven flows, benefiting the Swiss Franc (CHF). Israeli Prime Minister Benjamin Netanyahu indicated that the most intense phase of the attack against Hamas in Gaza is nearing its end while emphasizing that the broader conflict with Hamas continues, according to CNN. Additionally, Russia condemned the US for a "barbaric" missile strike in Crimea, which used US-supplied missiles, resulting in at least four deaths, including children, and injuring 151 others.

 

 

USDCHF

 

 

OVERVIEW
Today last price 0.8923
Today Daily Change -0.0006
Today Daily Change % -0.07
Today daily open 0.8929
 
TRENDS
Daily SMA20 0.8953
Daily SMA50 0.9045
Daily SMA100 0.8969
Daily SMA200 0.8892
 
LEVELS
Previous Daily High 0.8944
Previous Daily Low 0.8922
Previous Weekly High 0.8945
Previous Weekly Low 0.8827
Previous Monthly High 0.9225
Previous Monthly Low 0.8988
Daily Fibonacci 38.2% 0.893
Daily Fibonacci 61.8% 0.8936
Daily Pivot Point S1 0.8919
Daily Pivot Point S2 0.8909
Daily Pivot Point S3 0.8896
Daily Pivot Point R1 0.8942
Daily Pivot Point R2 0.8954
Daily Pivot Point R3 0.8964

 

 

 

 

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

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