USD/CHF remains timid around 0.8950 as investors await the Fed policy decision
11.06.2024, 07:31

USD/CHF remains timid around 0.8950 as investors await the Fed policy decision

  • USD/CHF stays calm ahead of the looming Fed policy decision.
  • The US Dollar remains strong as the Fed can be expected to keep rates steady in the range of 5.25%-5.50% on Wednesday.
  • SNB is expected to keep interest rates unchanged in June.

USD/CHF remains calm due to thin trading as investors adopt a cautious stance ahead of the Federal Reserve’s (Fed) interest rate decision scheduled on Wednesday. The pair hovers around 0.8950 during the early European hours on Tuesday.

The Fed is anticipated to keep interest rates steady in the range of 5.25%-5.50% as it aims to curb inflation toward its 2% target. Additionally, the US headline and core CPI figures for May are estimated to show year-over-year increases of 3.4% and 3.5%, respectively.

The robust US jobs data for May has reduced the odds of two Federal Reserve (Fed) interest rate cuts in 2024. The CME FedWatch Tool indicates that the likelihood of a Fed rate cut in September by at least 25 basis points has decreased to nearly 49.0%, down from 59.5% a week earlier.

In Switzerland, the Consumer Confidence indicator remained relatively unchanged at -38 in May, compared to -38.1 in April, and falling short of forecasts of -37. Traders are now anticipating the Financial Stability Report from the Swiss National Bank (SNB), which will provide an assessment of the banking sector's stability and the financial market infrastructure.

The Swiss National Bank (SNB) is unlikely to implement an interest rate cut in June, despite inflation remaining below the 2% threshold. Previously, SNB Chairman Thomas J. Jordan warned of minor upside risks to inflation expectations.

USD/CHF

Overview
Today last price 0.8965
Today Daily Change -0.0001
Today Daily Change % -0.01
Today daily open 0.8966
 
Trends
Daily SMA20 0.9049
Daily SMA50 0.9077
Daily SMA100 0.8942
Daily SMA200 0.8893
 
Levels
Previous Daily High 0.8983
Previous Daily Low 0.8954
Previous Weekly High 0.9036
Previous Weekly Low 0.8881
Previous Monthly High 0.9225
Previous Monthly Low 0.8988
Daily Fibonacci 38.2% 0.8965
Daily Fibonacci 61.8% 0.8972
Daily Pivot Point S1 0.8952
Daily Pivot Point S2 0.8939
Daily Pivot Point S3 0.8924
Daily Pivot Point R1 0.8981
Daily Pivot Point R2 0.8996
Daily Pivot Point R3 0.901

 

 

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