USD/CHF gauges cushion around 0.9720 ahead of US Inflation, Swiss Unemployment Rate eyed


  • USD/CHF is attempting a recovery after a downside move to near 0.9720.
  • The US Inflation will dominate the FX domain despite an unchanged forecast at 8.3%.
  • The Swiss docket will report the Unemployment Rate, which is seen at 2.2%.

The USD/CHF pair is finding bids around 0.9720 as the asset has displayed some signs of exhaustion in the downside move. On a broader note, the greenback bulls have remained stronger over the last week, however, profit-booking near 0.9779 brought a minor correction in the asset.

Going forward, the asset is likely to dance to the tunes of the US Inflation, which is due on Friday. As per the market consensus, the US Consumer Price Index (CPI) is seen unchanged at 8.3% on annual basis. The sustainability of the price pressures above 8% is a nightmare for US households as elevated inflation is dampening the paychecks. However, the annual core CPI is expected to drop to 5.9% from the prior print of 6.2%, which may bring some relief to the Federal Reserve (Fed).

Meanwhile, the US dollar index (DXY) is displaying a balanced market profile in a 102.26-102.35 range after a vertical downside move. It is worth noting that the correction in the USD/CHF pair is lower in comparison with the fall in the DXY, which signals that the Swiss franc bulls are also weak.

On the Swiss franc front, investors are focusing on the Unemployment Rate, which is due in the European session. The jobless rate is seen stable at 2.2% on monthly basis. The Swiss National Bank (SNB) is continued with its prudent monetary policy amid lower inflation levels and is expected to continue dedicating to the same till it finds a significant change in the economic catalysts.

USD/CHF

Overview
Today last price 0.9728
Today Daily Change 0.0021
Today Daily Change % 0.22
Today daily open 0.9707
 
Trends
Daily SMA20 0.9751
Daily SMA50 0.9607
Daily SMA100 0.9429
Daily SMA200 0.9322
 
Levels
Previous Daily High 0.9714
Previous Daily Low 0.9606
Previous Weekly High 0.9659
Previous Weekly Low 0.9554
Previous Monthly High 1.0064
Previous Monthly Low 0.9545
Daily Fibonacci 38.2% 0.9673
Daily Fibonacci 61.8% 0.9647
Daily Pivot Point S1 0.9637
Daily Pivot Point S2 0.9567
Daily Pivot Point S3 0.9528
Daily Pivot Point R1 0.9746
Daily Pivot Point R2 0.9784
Daily Pivot Point R3 0.9855

 

 

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