USD/CHF attempts to rebound from three-month lows, trades above 0.8800

USD/CHF receives downward pressure as the Fed is expected to reduce 85 bps rate cuts in 2024.
US Dollar trades with a negative sentiment as risk-on sentiment improves.
Traders await Swiss ZEW Survey Expectations to gain further insights into business conditions in Switzerland.

Akhtar Faruqui FXStreet

USD/CHF trades above the 0.8800 psychological level during the Asian session on Tuesday, rebounding from the three-month low at 0.8793. The USD/CHF pair struggles to halt the losses due to the weaker US Dollar (USD) following the likelihood of the US Federal Reserve (Fed) to conclude its monetary rate hike cycle. Additionally, investors price in nearly 85 basis points of interest rate cuts by the Fed in the next year.

US Dollar Index (DXY) hovers around 103.20 at the time of writing, with a negative bias as the risk-on sentiment is reinforced by the latest report from the US Census Bureau, showing a notable 5.6% drop in New Home Sales for October at 679,000, as compared to the market expectation of 725,000. The prevailing trend continues to lean towards the downside, fueled by a dip in US Treasury yields.

On Tuesday, the United States (US) will release the Housing Price Index and CB Consumer Confidence, along with insights from Federal Reserve (Fed) officials, providing a comprehensive look at the economic landscape.

The upcoming Swiss ZEW Survey – Expectations on Wednesday holds particular significance as it kicks off the week's notable data releases. The last reported reading in October stood at -37.8, indicating a prevailing pessimism among businesses regarding the Swiss economy.

Moreover, Swiss Real Retail Sales for October is scheduled to be released on Thursday, expecting to see an improvement of 0.2% from the previous 0.6% decline. On Friday, the Gross Domestic Product for the third quarter will be eyed.

USD/CHF: additional important levels

Overview
Today last price	0.8804
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.8804

Trends
Daily SMA20	0.894
Daily SMA50	0.9007
Daily SMA100	0.8893
Daily SMA200	0.898

Levels
Previous Daily High	0.8828
Previous Daily Low	0.8794
Previous Weekly High	0.8875
Previous Weekly Low	0.8811
Previous Monthly High	0.9244
Previous Monthly Low	0.8888
Daily Fibonacci 38.2%	0.8807
Daily Fibonacci 61.8%	0.8815
Daily Pivot Point S1	0.8789
Daily Pivot Point S2	0.8774
Daily Pivot Point S3	0.8755
Daily Pivot Point R1	0.8823
Daily Pivot Point R2	0.8843
Daily Pivot Point R3	0.8858

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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