USD/CHF hovers in a range of 0.9320-0.9350 on the expectation of reversion to neutral rates by the Fed

USD/CHF remains stuck around 0.9350 as the US Treasury yields rebound sharply.
The DXY is aiming at 100.00 on raising bets on an aggressive interest rate hike.
Russia ceases to be a member of the UN Human Rights Council.

Sagar Dua FXStreet

The USD/CHF pair is oscillating in a narrow range of 0.9318-0.9348 since Thursday as the Federal Reserve (Fed) policymakers have started dictating a reversion to neutral rates from the ultra-loose stances on the monetary policy.

After commenting on the extent of an interest rate hike by the Fed in coming monetary policies, Fed’s Monetary Policy Committee (MPC) members have shifted to advocating a move back to the neutral policy. The ultra-loose monetary policy and helicopter money to spurt the growth rate after the Covid-19 pandemic has done its job now and it would be better to resort to a situation of normal rates and a self-dependent economy. Atlanta Fed President Raphael Bostic on Thursday cited that it is fully appropriate that the Fed move policy closer to a neutral position, it should do so in a cautious way, reported Reuters.

On the Russia-Ukraine front, Russia ceases to be a member of the United Nations (UN) Human Rights Council as the members have voted against the Kremlin after its war crimes in Bucha, Ukraine. Also, US lawmakers have voted to ban oil, gas, and coal imports from Moscow. Adding to that, the former has also decided to strip its tag of ‘most Favored nations’ trade status, which will result in higher tariffs for Moscow.

Meanwhile, the US dollar index is aiming to tap the magical figure of 100.00 on expectations of higher US Consumer Price Index (CPI) numbers next week. The 10-year US Treasury yields have reclaimed a three-year high at 2.66% as rate hike fears renew.

USD/CHF

Overview
Today last price	0.9339
Today Daily Change	0.0007
Today Daily Change %	0.08
Today daily open	0.9332

Trends
Daily SMA20	0.9319
Daily SMA50	0.9266
Daily SMA100	0.9237
Daily SMA200	0.9214

Levels
Previous Daily High	0.935
Previous Daily Low	0.9293
Previous Weekly High	0.9382
Previous Weekly Low	0.9195
Previous Monthly High	0.946
Previous Monthly Low	0.915
Daily Fibonacci 38.2%	0.9328
Daily Fibonacci 61.8%	0.9315
Daily Pivot Point S1	0.93
Daily Pivot Point S2	0.9268
Daily Pivot Point S3	0.9244
Daily Pivot Point R1	0.9357
Daily Pivot Point R2	0.9382
Daily Pivot Point R3	0.9414

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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