USD/CHF rebounds ahead of Swiss ZEW Survey Expectations, trades near 0.8800

USD/CHF improves to near 0.8800 ahead of Swiss ZEW Survey Expectations.
Swiss GDP is expected to report a decline in the fourth quarter of 2023.
US GDP is anticipated to remain unchanged at 3.3% in the fourth quarter of 2023.

Akhtar Faruqui FXStreet

USD/CHF rebounds after two days of losses, improving to near psychological level of 0.8800 during the Asian trading hours on Wednesday. The Swiss Franc (CHF) receives downward pressure ahead of the Swiss ZEW Survey – Expectations, scheduled to be released later in the day.

Furthermore, investors await the Gross Domestic Product (GDP) by the Swiss State Secretariat for Economic Affairs (SECO) on Thursday, which is expected to report a decline in the fourth quarter of 2023.

Furthermore, the Swiss Real Retail Sales conducted by the Swiss Federal Statistical Office will be released on Thursday. The market expectation is to grow by 0.4% year-over-year in January, swinging from the previous decline of 0.8% in December.

On the other side, market expectations anticipate that the US GDP will remain steady at 3.3% in the fourth quarter of 2023. The Federal Reserve (Fed) has signaled caution regarding any hasty reductions in interest rates, leading to a decreased likelihood of a rate cut in March. This has exerted downward pressure on the US Dollar (USD).

According to the CME FedWatch Tool, the probability of rate cuts in March has decreased to 1.0%, while the likelihood of cuts in May and June stands at 21% and 49.8%, respectively.

US Housing Price Index (MoM) increased by 0.1% in December, falling short of both the expected 0.3% increase and the prior 0.4% increase. Additionally, US Durable Goods Orders declined by 6.1%, contrasting with an expected decrease of 4.5% and a previous decrease of 0.3%.

USD/CHF

Overview
Today last price	0.8802
Today Daily Change	0.0007
Today Daily Change %	0.08
Today daily open	0.8795

Trends
Daily SMA20	0.8762
Daily SMA50	0.8642
Daily SMA100	0.8764
Daily SMA200	0.8835

Levels
Previous Daily High	0.8811
Previous Daily Low	0.8785
Previous Weekly High	0.8838
Previous Weekly Low	0.8742
Previous Monthly High	0.8728
Previous Monthly Low	0.8399
Daily Fibonacci 38.2%	0.8795
Daily Fibonacci 61.8%	0.8801
Daily Pivot Point S1	0.8783
Daily Pivot Point S2	0.8771
Daily Pivot Point S3	0.8757
Daily Pivot Point R1	0.8809
Daily Pivot Point R2	0.8823
Daily Pivot Point R3	0.8835

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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