USD/CHF declined as the Greenback remains weak, defends the 20-day SMA
28.05.2024, 18:53

USD/CHF declined as the Greenback remains weak, defends the 20-day SMA

  • USD/CHF took a dip in Tuesday’s session and fell to 0.9110.
  • Despite the Consumer Confidence index in the US and Housing prices exceeding expectations, the USD remains weak.
  • The Federal Reserve maintains a cautious stance, asking the market for patience, which keeps the odds for rate cuts in June or July low.

The USD/CHF pair is trading lower, despite optimistic signals from the US economy, specifically in the Housing market, and Consumer Confidence data. On the Swiss front, its economic calendar remained empty at the start of the week.

The US Consumer Confidence index was reported to have risen to 102, outperforming forecasts while the the S&P/Case-Shiller Home Price Indices also beat expectations and rose by 7.4% YoY in March.

In the meantime, investors remain focused on key economic data, specifically, the forthcoming figures from the Personal Consumption Expenditures (PCE) and Q1 GDP revisions, to be released on Thursday and Friday to provide further market direction. The Federal Reserve (Fed) Beige Book report on Wednesday might also be considered by investors to place bets on the timing of the easing cycle. 

USD/CHF technical analysis

In the daily analysis, the Relative Strength Index (RSI) stands in positive territory but exhibits a minor decline in the latest session, indicating a minor momentum shift that could favor sellers in the near term. Concurrently, the Moving Average Convergence Divergence (MACD) shows decreasing green bars, indicating a weakening bullish momentum.

USD/CHF daily chart

USD/CHF

Overview
Today last price 0.9123
Today Daily Change -0.0014
Today Daily Change % -0.15
Today daily open 0.9137
 
Trends
Daily SMA20 0.9099
Daily SMA50 0.9076
Daily SMA100 0.8903
Daily SMA200 0.8884
 
Levels
Previous Daily High 0.9154
Previous Daily Low 0.9132
Previous Weekly High 0.9158
Previous Weekly Low 0.9079
Previous Monthly High 0.9195
Previous Monthly Low 0.8998
Daily Fibonacci 38.2% 0.9141
Daily Fibonacci 61.8% 0.9146
Daily Pivot Point S1 0.9129
Daily Pivot Point S2 0.912
Daily Pivot Point S3 0.9107
Daily Pivot Point R1 0.915
Daily Pivot Point R2 0.9163
Daily Pivot Point R3 0.9171

 

 

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