- The USD/CHF eyes to finish the week with losses, down 1.03%.
- Global equity indices record losses on a busy week impacted by economic data and geopolitical news.
- USD/CHF Technical Outlook: Neutral biased, confirmed by the DMAs with an almost horizontal slope confined to a 15-pip range.
The USD/CHF climbs for the third day in the week, but it would end the week in the red following Monday’s 1% loss, which pushed the USD/CHF below the daily moving averages (DMAs). All that amid a risk-off market mood, portrayed by global equities recording losses, blamed on Ukraine-Russia’s tussles. At the time of writing, the USD/CHF is trading at 0.9188
In the meantime, the US Dollar Index, which reached a new YTD high around 98.992, aimed higher, 0.85%, sitting at 98.62, while US Treasury yields dropped amid a safe-haven bid.
US Labor market crushed expectations, green light for a Fed rate hike
On Friday, the US Department of Labor reported that the US economy added 678K new jobs in February, higher than the 400K foreseen. Also, the Unemployment Rate ticked lower, while average hourly earnings edged slightly down.
Read more: Breaking: US Non-farm Payrolls rises by 678K in February versus median forecast for 400K gain
USD/CHF Price Forecast: Technical outlook
The USD/CHF is neutral biased, and one could argue that neutral-downward because the daily moving averages (DMAs) reside above the spot price. However, the almost flat slope and confined to within a 14-pip range keeps traders indecisive on which path to take.
Putting the DMA’s aside, upwards, the USD/CHF first resistance would be 0.9200. Once that level is cleared, the next supply zone would be the 0.9260-75 area and the 0.9300 mark. On the flip side, the 0.9150 February 21 daily low would be the first support, followed by December 31, 2021, daily low at 0.9102.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD alternates gains with losses near 1.0720 post-US PCE
The bullish tone in the Greenback motivates EUR/USD to maintain its daily range in the low 1.070s in the wake of firmer-than-estimated US inflation data measured by the PCE.
GBP/USD clings to gains just above 1.2500 on US PCE
GBP/USD keeps its uptrend unchanged and navigates the area beyond 1.2500 the figure amidst slight gains in the US Dollar following the release of US inflation tracked by the PCE.
Gold keeps its daily gains near $2,350 following US inflation
Gold prices maintain their constructive bias around $2,350 after US inflation data gauged by the PCE surpassed consensus in March and US yields trade with slight losses following recent peaks.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.