• Fri. Feb 23rd, 2024

USD/CHF moves on a downward trajectory near 0.8730, awaits Swiss Real Retail Sales

  • USD/CHF continues to lose ground as the US Dollar attempts to retrace recent gains.
  • US GDP Annualized increased by 5.2% against the expected rise of 5.0% in Q3.
  • Swiss ZEW Survey Expectations eased at the decline of 29.6 against the previous decline of 37.8.

USD/CHF moves on a five-session losing streak, primarily driven by US Dollar (USD) weakness and subdued US Treasury yields. The pair is trading near 0.8730 during the Asian session on Thursday.

The decline in US bond yields over the past three sessions is attributed to the prevailing positive sentiment that the Federal Reserve (Fed) might conclude its interest rate hikes. However, as of the current press time on Thursday, the 10 and 2-year US Treasury yields stand slightly higher at 4.27% and 4.65%, respectively.

Furthermore, stronger US Gross Domestic Product Annualized data provided support for the US Dollar (USD). The report showed an increase of 5.2%, exceeding the expected rise of 5.0% in the third quarter. Furthermore, Initial Jobless Claims for the week ending on November 24 and Personal Consumption Expenditure (PCE) Price Index data will be eyed on Thursday.

Cleveland Federal Reserve (Fed) President Loretta Mester has underscored that any decision to implement additional hikes would depend on data-driven considerations. She conveyed that the current monetary policy is well-placed to assess forthcoming data on the economy and financial conditions.

On the Swiss side, The Swiss Franc (CHF) remains supported and strengthened by the hawkish comments from Swiss National Bank (SNB) Chairman Thomas Jordan, who has not dismissed the possibility of future interest rate hikes.

ZEW Survey Expectations report showed a decline of 29.6 figures in November as compared to the previous contraction of 37.8. Additionally, Swiss Real Retail Sales for October on Thursday, and the Gross Domestic Product for the third quarter on Friday will be closely monitored.

USD/CHF: ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price 0.8726
Today Daily Change -0.0013
Today Daily Change % -0.15
Today daily open 0.8739
TRENDS
Daily SMA20 0.8907
Daily SMA50 0.8999
Daily SMA100 0.8893
Daily SMA200 0.8975
LEVELS
Previous Daily High 0.8785
Previous Daily Low 0.872
Previous Weekly High 0.8875
Previous Weekly Low 0.8811
Previous Monthly High 0.9244
Previous Monthly Low 0.8888
Daily Fibonacci 38.2% 0.8745
Daily Fibonacci 61.8% 0.876
Daily Pivot Point S1 0.8711
Daily Pivot Point S2 0.8684
Daily Pivot Point S3 0.8647
Daily Pivot Point R1 0.8776
Daily Pivot Point R2 0.8812
Daily Pivot Point R3 0.884

 

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