During the early hours of Monday’s European session, USD/CHF is seen declining to around 0.8730. This drop in the pair is linked to the softening of the US Dollar (USD) against other currencies. Despite some optimistic remarks from Federal Reserve (Fed) officials, the USD is under pressure due to the prevailing market sentiment favoring riskier assets.
Dallas Federal Reserve (Fed) Bank President Lorie Logan emphasized the need for more evidence to confirm the sustained progress in inflation, signaling a cautious approach to monetary policy adjustments.
The decline in US Treasury yields is adding to the challenges faced by the USD. The US Dollar Index (DXY) has slipped to around 104.00, while both 2-year and 10-year US yields are hovering at 4.47% and 4.16%, respectively.
Investors are eagerly awaiting the release of Consumer Price Index (CPI) data scheduled for Tuesday, with expectations of a decrease in January’s CPI compared to December’s figures.
Meanwhile, in Switzerland, the unemployment rate saw mixed movements in January, with the non-seasonally adjusted rate increasing year-on-year and the seasonally adjusted rate remaining stable. The Swiss National Bank (SNB) has decided to maintain its key interest rate at 1.75%, signaling the end of its recent tightening cycle.
Market participants are also anticipating the release of Swiss Consumer Price Index (CPI) data for January, with projections suggesting a slight decrease in headline Swiss inflation compared to the previous month. Analysts speculate that the SNB might initiate its first rate cut in September 2024.
USD/CHF: ADDITIONAL IMPORTANT LEVELS
OVERVIEW | |
---|---|
Today last price | 0.8729 |
Today Daily Change | -0.0017 |
Today Daily Change % | -0.19 |
Today daily open | 0.8746 |
TRENDS | |
---|---|
Daily SMA20 | 0.8663 |
Daily SMA50 | 0.8621 |
Daily SMA100 | 0.8803 |
Daily SMA200 | 0.8844 |
LEVELS | |
---|---|
Previous Daily High | 0.8762 |
Previous Daily Low | 0.8731 |
Previous Weekly High | 0.8762 |
Previous Weekly Low | 0.8662 |
Previous Monthly High | 0.8728 |
Previous Monthly Low | 0.8399 |
Daily Fibonacci 38.2% | 0.875 |
Daily Fibonacci 61.8% | 0.8743 |
Daily Pivot Point S1 | 0.8731 |
Daily Pivot Point S2 | 0.8716 |
Daily Pivot Point S3 | 0.87 |
Daily Pivot Point R1 | 0.8761 |
Daily Pivot Point R2 | 0.8777 |
Daily Pivot Point R3 | 0.8792 |