USD/CHF holds its position around 0.9100, FOMC Meeting Minutes eyed

Source Fxstreet
May 21, 2024 08:30
  • USD/CHF inches lower possibly due to the higher yield on 10-year Swiss bond.
  • SNB Chairman Thomas Jordan will deliver a speech about monetary policy at the Swiss Media Forum on Friday.
  • The US Dollar may advance due to the hawkish remarks from the Fed officials.

USD/CHF snaps its three-day winning streak, trading around 0.9100 during the European session on Tuesday. The yield on the 10-year Swiss government bond inched higher to around 0.72%, which has indicated the Swiss National Bank (SNB) to maintain current interest rates. This could have strengthened the CHF and weakened the USD/CHF pair.

Traders await the Employment Level released by the Swiss Statistics later in the week. Also, the Swiss National Bank (SNB) Chairman Thomas Jordan will deliver a speech about communication, monetary policy, and public impact at the Swiss Media Forum in Lucerne, Switzerland on Friday.

On the USD side, the downward correction of the US Dollar (USD) is attributed to the lower US Treasury yields, undermining the USD/CHF pair. The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against the six other major currencies, edges lower to near 104.60 with 2-year and 10-year yields on US Treasury bonds standing at 4.83% and 4.43%, respectively, by the press time.

The US Federal Reserve (Fed) maintains a cautious stance regarding inflation and the possibility of rate cuts in 2024. On Monday, Loretta Mester, President of the Federal Reserve Bank of Cleveland, told Bloomberg that she no longer believes three rate cuts in 2024 are appropriate. Mester highlighted that inflation risks are skewed to the upside and emphasized that there is no harm in spending additional time gathering data on inflation, given the strength of the economy.

USD/CHF

Overview
Today last price 0.9102
Today Daily Change -0.0004
Today Daily Change % -0.04
Today daily open 0.9106
 
Trends
Daily SMA20 0.9097
Daily SMA50 0.9044
Daily SMA100 0.8871
Daily SMA200 0.8876
 
Levels
Previous Daily High 0.9109
Previous Daily Low 0.9079
Previous Weekly High 0.9103
Previous Weekly Low 0.8988
Previous Monthly High 0.9195
Previous Monthly Low 0.8998
Daily Fibonacci 38.2% 0.9098
Daily Fibonacci 61.8% 0.909
Daily Pivot Point S1 0.9087
Daily Pivot Point S2 0.9068
Daily Pivot Point S3 0.9057
Daily Pivot Point R1 0.9117
Daily Pivot Point R2 0.9128
Daily Pivot Point R3 0.9147

 

 

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