USD/CHF oscillates at around 0.9100 as Fed keeps rates on hold, eyes on Powell conferences

USD/CHF retreats from 0.9107 and remains within the 0.9090/0.9107 range after the Fed's rate decision.
Fed Chair Jerome Powell acknowledges economic resilience and potential upward pressure on inflation.
Traders bet on the end of Fed rate hikes, with first-rate cuts anticipated in June 2024.

Christian Borjon Valencia FXStreet

The USD/CHF retreats some from daily highs reached at 0.9107, though it remains trading within the 0.9090/0.9107 area after the US Federal Reserve (Fed) decided to keep rates unchanged at the 5.25%-5.50% range while continuing to reduce its security holdings (balance sheet).

Fed’s Powell initial comments

The US Federal Reserve Chair Jerome Powell is taking the stand and so far said the Fed is attentive to recent data showing the resilience of economic data and demand for labor. he added that those situations could put upward pressure on inflation. He added “We are not confident policy is sufficiently restrictive,” triggering a jump in the US Dollar.

Summary of the Fed’s latest monetary policy statement

Federal Reserve officials voted unnecessarily on their latest decision. Policymakers acknowledged that economic activity expanded steadily in Q3, mentioning that job gains had moderated. However, they noted that inflation is too high and emphasized the committee is firmly committed to returning inflation to its 2% target.

According to Reuters, US short-term interest rate futures are added to earlier gains as traders bet Fed rate hikes have ended. Additionally, the first-rate cuts are eyed at June 2024.

USD/CHF Technical Levels

USD/CHF

Overview
Today last price	0.91
Today Daily Change	-0.0005
Today Daily Change %	-0.05
Today daily open	0.9105

Trends
Daily SMA20	0.902
Daily SMA50	0.8988
Daily SMA100	0.8897
Daily SMA200	0.9007

Levels
Previous Daily High	0.9106
Previous Daily Low	0.901
Previous Weekly High	0.9035
Previous Weekly Low	0.8888
Previous Monthly High	0.9244
Previous Monthly Low	0.8888
Daily Fibonacci 38.2%	0.9069
Daily Fibonacci 61.8%	0.9047
Daily Pivot Point S1	0.9041
Daily Pivot Point S2	0.8977
Daily Pivot Point S3	0.8944
Daily Pivot Point R1	0.9137
Daily Pivot Point R2	0.917
Daily Pivot Point R3	0.9234

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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