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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 price0.9123
Today Daily Change-0.0014
Today Daily Change %-0.15
Today daily open0.9137
 
Trends
Daily SMA200.9099
Daily SMA500.9076
Daily SMA1000.8903
Daily SMA2000.8884
 
Levels
Previous Daily High0.9154
Previous Daily Low0.9132
Previous Weekly High0.9158
Previous Weekly Low0.9079
Previous Monthly High0.9195
Previous Monthly Low0.8998
Daily Fibonacci 38.2%0.9141
Daily Fibonacci 61.8%0.9146
Daily Pivot Point S10.9129
Daily Pivot Point S20.912
Daily Pivot Point S30.9107
Daily Pivot Point R10.915
Daily Pivot Point R20.9163
Daily Pivot Point R30.9171

Author

Patricio Martín

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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