USD/CHF Rises Towards 0.9000, Eyes On Bearish SMA Cross
Photo by Claudio Schwarz on Unsplash
- The USD/CHF is seen at 0.9015 with 0.15% gains.
- The 20-day SMA is about to perform a bearish cross with the 200-day SMA.
- Several Fed officials were on the wires but didn’t provide any highlights. Powell speaks on Wednesday.
The USD/CHF accelerated its gains on Tuesday's session and rose to the 0.9015 zone, with a strong US dollar and a negative market mood contributing to the pair's movements.
As the bears took a breather, the USD/CHF managed to gain additional momentum while there were no highlights during the session. Neel Kashkari, Austan Goolsbee, and Michael Barr from the Federal Reserve (Fed) spoke on Tuesday but didn’t provide markets with any new guidance. They were seen as somewhat cautious, welcoming the latest positive inflation figures and still attaching themselves to a data-dependency approach. Chair Powell will speak on Wednesday, where investors will look for further clues on what the Fed will decide in its last meeting of 2023.
As for now, the CME FedWatch tool indicates that the odds of a 25 basis point hike for the December meeting are still low. Next week, the US will report October Consumer Price Index (CPI) data, which will likely make those expectations move based on its outcome.
USD/CHF levels to watch
The daily chart analysis indicates a neutral to bearish outlook for USD/CHF, as the bears seem to be taking a breather after gaining significant ground. The Relative Strength Index (RSI) gained a slight slope in positive territory, while the Moving Average Convergence (MACD) presents decreasing green bars. On the broader picture, markets should we the convergence of the 20 and 200-day Simple Moving Average (SMA) convergence at 0.9000 as they are about to perform a bearish cross, which could reignite the bearish momentum.
Supports: 0.9000 (20 and 200-day SMA convergence), 0.8950, 0.8930.
Resistances: 0.9040, 0.9050, 0.9080
USD/CHF Daily chart
(Click on image to enlarge)
-638349663648719427.png)
USD/CHF
| OVERVIEW | |
|---|---|
| Today last price | 0.9011 |
| Today Daily Change | 0.0021 |
| Today Daily Change % | 0.23 |
| Today daily open | 0.899 |
| TRENDS | |
|---|---|
| Daily SMA20 | 0.9003 |
| Daily SMA50 | 0.9004 |
| Daily SMA100 | 0.89 |
| Daily SMA200 | 0.9003 |
| LEVELS | |
|---|---|
| Previous Daily High | 0.902 |
| Previous Daily Low | 0.8954 |
| Previous Weekly High | 0.9113 |
| Previous Weekly Low | 0.8966 |
| Previous Monthly High | 0.9244 |
| Previous Monthly Low | 0.8888 |
| Daily Fibonacci 38.2% | 0.8979 |
| Daily Fibonacci 61.8% | 0.8995 |
| Daily Pivot Point S1 | 0.8955 |
| Daily Pivot Point S2 | 0.8921 |
| Daily Pivot Point S3 | 0.8889 |
| Daily Pivot Point R1 | 0.9022 |
| Daily Pivot Point R2 | 0.9054 |
| Daily Pivot Point R3 | 0.9089 |
More By This Author:
Silver Price Analysis: XAG/USD Drifts Lower In A Multi-Week-Old Trading Range, Below 200-Day SMA
Berkshire Hathaway Got A Big Boost From This Business In Q3
Gold Price Forecast: XAU/USD Extends Losses Near $1,970 As Capital Shifts To Riskier Assets
Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...
more
Comments
