USD/CHF finds bids below 0.9000 ahead of Fed Powell’s speech

USD/CHF aims to defend the crucial support of 0.9000 amid a risk-off market mood.
The US Dollar remains well supported above 106.00 due to strong Retail Sales data.
Robust US Retail Sales were prompted by upbeat demand for automobiles, rising dining out, and higher gasoline prices.

Sagar Dua FXStreet

The USD/CHF pair attempted recovery below the psychological level of 0.9000 in the European session. The broader outlook of the Swiss Franc asset is still bearish as the US Dollar is struggling to extend recovery despite robust United States Retail Sales data.

S&P500 futures generated some losses in the London session, portraying a cautious market mood due to the deepening Middle East crisis. US equities ended on a flat note on Tuesday as investors turned anxious about the upcoming quarterly result season.

The US Dollar Index (DXY) remains well supported above 106.00 as strong consumer spending in September conveyed that the US economy is resilient despite the headwinds of higher interest rates and the off-season.

The US Census Bureau reported on Tuesday that consumer spending momentum expanded at a higher pace of 0.7% in September against estimates of 0.3%. Robust retail sales were prompted by upbeat demand for automobiles, rising dining out, and higher gasoline prices.

Going forward, investors will keep watch for Federal Reserve (Fed) Chair Jerome Powell’s speech on Thursday. Investors seem baffled whether Jerome Powell would join his colleagues who support neutral interest rate guidance or will remain hawkish on the policy outlook.

On the Swiss Franc front, the appeal for the currency remains upbeat amid rising conflicts between Israel and Palestine. The demand for the Swiss Franc as a safe haven would remain upbeat due to deepening Middle East tensions.

USD/CHF

Overview
Today last price	0.8989
Today Daily Change	-0.0013
Today Daily Change %	-0.14
Today daily open	0.9002

Trends
Daily SMA20	0.9096
Daily SMA50	0.895
Daily SMA100	0.8905
Daily SMA200	0.9019

Levels
Previous Daily High	0.9032
Previous Daily Low	0.899
Previous Weekly High	0.9124
Previous Weekly Low	0.8987
Previous Monthly High	0.9225
Previous Monthly Low	0.8795
Daily Fibonacci 38.2%	0.9016
Daily Fibonacci 61.8%	0.9006
Daily Pivot Point S1	0.8984
Daily Pivot Point S2	0.8966
Daily Pivot Point S3	0.8942
Daily Pivot Point R1	0.9026
Daily Pivot Point R2	0.905
Daily Pivot Point R3	0.9068

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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