Market news
07.06.2024, 05:16

USD/CHF appears to be on backfoot amid subdued US Dollar ahead of US NFP

  • USD/CHF trades cautiously with a focus on the US NFP.
  • Easing US labor market strength has prompted Fed rate-cut prospects.
  • The expectations of the SNB intervening in currency markets remain firm.

The USD/CHF pair is slightly positive in Friday’s Asian session but trades close to its crucial support of 0.8883. The Swiss Franc asset remains under pressure in past few trading sessions as the US Dollar struggles to gain ground due to growing speculation that the Federal Reserve (Fed) will start reducing interest rates from the September meeting.

Firm expectations for the Fed reducing interest rates in September have improved appeal for risky assets. S&P 500 futures have posted decent gains in the Tokyo session. The US Dollar Index (DXY) stays on the sidelines near 104.00 ahead of the United States Nonfarm Payrolls (NFP) data for May. 10-year US Treasury yields bounce back to 4.30% but are significantly down from the previous week’s high of 4.62%.

Trades have raised bets in favor of the Fed to start lowering its key borrowing rates from their current levels in September due to normalizing labor market strength. This week, weaker-than-expected JOLTS Job Openings data for April, and ADP Employment Change for May suggested that the labor demand is easing.

Also, a higher number of individuals claiming jobless benefits for the first time for the week ending May 31 at 229K against their estimates of 220K and the prior release of 221K adds to doubts that the labor market strength is easing. In today’s session, the US NFP report will provide significant cues about the US labor market's health.

Meanwhile, the Swiss Franc has performed relatively stronger against the US Dollar in past few trading sessions amid expectations that the Swiss National Bank (SNB) could intervene in currency markets to bolster the currency in way to build pressure on inflation, which has been prompted due to competitive Swiss exports. The demand for Swiss exports strengthened globally due to weak Swiss Franc.

USD/CHF

Overview
Today last price 0.8899
Today Daily Change 0.0005
Today Daily Change % 0.06
Today daily open 0.8894
 
Trends
Daily SMA20 0.906
Daily SMA50 0.908
Daily SMA100 0.8937
Daily SMA200 0.8892
 
Levels
Previous Daily High 0.8937
Previous Daily Low 0.8893
Previous Weekly High 0.9154
Previous Weekly Low 0.9002
Previous Monthly High 0.9225
Previous Monthly Low 0.8988
Daily Fibonacci 38.2% 0.8909
Daily Fibonacci 61.8% 0.892
Daily Pivot Point S1 0.8878
Daily Pivot Point S2 0.8864
Daily Pivot Point S3 0.8834
Daily Pivot Point R1 0.8923
Daily Pivot Point R2 0.8952
Daily Pivot Point R3 0.8967

 

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location