USD/CHF remains on the defensive below 0.8850 as weaker US Retail Sales data boosts Fed rate cuts bet

Source Fxstreet
Jun 19, 2024 05:19
  • USD/CHF posts modest gains near 0.8840 in Wednesday’s early European session. 
  • The Swiss National Bank (SNB) is expected to keep its interest rate steady at 1.5% in the June meeting on Thursday. 
  • The US Retail Sales were weaker than expected, rising 0.1% MoM in May.

The USD/CHF pair trades with mild gains near three-month lows around 0.8840 during the early European session on Wednesday. The modest rebound of the pair might be limited as traders raised their bets on the US Federal Reserve (Fed) rate cut this year. US markets will be closed on Wednesday due to Juneteenth National Independence Day. Investors await the Swiss National Bank (SNB) Interest Rate Decision on Thursday, with no change in rate expected. 

The Swiss central bank is anticipated to keep its interest rate on hold at 1.5% as the nation's inflation remains elevated for the second consecutive month in May. Ahead of the policy meeting, investors have priced in nearly 60% odds of an SNB rate cut, down from 97% in April, according to Bloomberg. However, economists are roughly split on the decision. ”We expect the policy rate to be cut by 25bp to 1.25% at this upcoming meeting ... it is our base case because inflation is within the target range, it is expected to remain there, and the SNB thinks the policy is currently restrictive," said Nomura European economist George Moran.

On the other hand, the weaker-than-expected US Retail Sales report on Tuesday has triggered speculation that the Fed will start to cut interest rates in a few months, which drag the Greenback lower against its rivals. The US Retail Sales rose 0.1% on a monthly in May following a decline of 0.2% in April, below the consensus of a 0.2% increase, the Commerce Department reported Tuesday.

USD/CHF

Overview
Today last price 0.8842
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.8842
 
Trends
Daily SMA20 0.9001
Daily SMA50 0.9063
Daily SMA100 0.8959
Daily SMA200 0.8893
 
Levels
Previous Daily High 0.89
Previous Daily Low 0.8827
Previous Weekly High 0.8993
Previous Weekly Low 0.8893
Previous Monthly High 0.9225
Previous Monthly Low 0.8988
Daily Fibonacci 38.2% 0.8855
Daily Fibonacci 61.8% 0.8872
Daily Pivot Point S1 0.8813
Daily Pivot Point S2 0.8783
Daily Pivot Point S3 0.8739
Daily Pivot Point R1 0.8886
Daily Pivot Point R2 0.893
Daily Pivot Point R3 0.8959

 

 

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