USD/CHF remains above 0.9100, eyes on Fed’s policy decision

Source Fxstreet
Apr 30, 2024 08:05
  • USD/CHF rebounds possibly due to the hawkish remarks from Fed officials.
  • Fed Chair Powell said that it may take "longer than expected" to gain confidence if inflation is weakening.
  • The Swiss KOF Leading Indicator indicated robust development in the domestic economy.

USD/CHF retraces its recent losses registered on Monday, trading around 0.9130 during the European session on Tuesday. The US Dollar (USD) appreciates, possibly due to hawkish remarks from US Federal Reserve (Fed) officials, indicating no immediate need for rate cuts. This has underpinned the USD/CHF pair.

According to a report by The Economic Times on Monday, Fed Chair Jerome Powell said that it may take "longer than expected" to gain confidence that inflation is progressing toward the central bank's 2% target. Powell also emphasized that the central bank can maintain high rates "as long as needed." Additionally, Fed Governor Michelle Bowman expressed concerns about "upside risks" to inflation. Meanwhile, Minneapolis Fed President Neel Kashkari floated the possibility of no rate cuts occurring this year.

On the Swiss side, the KOF Leading Indicator, which reflects GDP growth and economic trends in Switzerland, increased to 101.8 in April from a downwardly revised 100.4 in March, slightly below forecasts of 102.1. Although the figure suggests stabilization above the long-term average, indicating robust development in the Swiss economy, there is no strong upward momentum anticipated soon.

According to a report from Bloomberg, Swiss National Bank (SNB) Chairman Thomas J. Jordan said last Friday that the central bank is dedicated to closely monitoring inflation. Jordan emphasized that the SNB is prepared to lower interest rates further if needed. While highlighting the SNB's achievements in addressing inflation, he also warned of ongoing high uncertainty and the potential for unexpected shocks.

USD/CHF

Overview
Today last price 0.9126
Today Daily Change 0.0022
Today Daily Change % 0.24
Today daily open 0.9104
 
Trends
Daily SMA20 0.9097
Daily SMA50 0.896
Daily SMA100 0.8794
Daily SMA200 0.8849
 
Levels
Previous Daily High 0.9154
Previous Daily Low 0.9088
Previous Weekly High 0.9157
Previous Weekly Low 0.9087
Previous Monthly High 0.9072
Previous Monthly Low 0.873
Daily Fibonacci 38.2% 0.9113
Daily Fibonacci 61.8% 0.9129
Daily Pivot Point S1 0.9077
Daily Pivot Point S2 0.905
Daily Pivot Point S3 0.9012
Daily Pivot Point R1 0.9143
Daily Pivot Point R2 0.9181
Daily Pivot Point R3 0.9208

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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