USD/CHF rises to near 0.9080 amid subdued Real Retail Sales from Switzerland

USD/CHF appreciated as the US Dollar improved after stronger US ISM data.
Swiss Franc receives downward pressure after weaker Real Retail Sales.
Swiss Real Retail Sales declined by 0.2% YoY in February, against the expected rise of 0.4%.

Akhtar Faruqui FXStreet

USD/CHF extends gains for the second consecutive day, advancing to near 0.9080 during the early European hours on Tuesday. The US Dollar (USD) received a boost as US Treasury bond yields surged following positive ISM Manufacturing PMI data from the United States (US), thereby supporting the USD/CHF pair.

The US Dollar Index (DXY) continues its winning streak for the fifth successive session, trading around 105.10 at the time of writing. This positive trend is attributed to traders lowering their expectations for a quarter-point interest rate cut by the Federal Reserve in its June meeting.

However, Federal Reserve Chairman Jerome Powell indicated on Friday that recent US inflation data aligns with the anticipated path, reinforcing the Fed's stance on interest rate adjustments for the year.

On the other side, Real Retail Sales (YoY) from Switzerland declined by 0.2% in February, against the expected increase of 0.4% and the previous increase of 0.3%. This lower figure has contributed to downward pressure on Swiss Franc (CHF).

The Swiss National Bank’s (SNB) statement highlighted that the easing of monetary policy was feasible due to the effectiveness of the inflation-fighting efforts over the past two and a half years.

Moreover, ING analysts anticipate two additional rate cuts from the SNB in the year 2024, barring any unexpected developments in the global economic landscape that could rapidly escalate inflationary pressures once more.

USD/CHF

Overview
Today last price	0.9074
Today Daily Change	0.0031
Today Daily Change %	0.34
Today daily open	0.9043

Trends
Daily SMA20	0.8897
Daily SMA50	0.8808
Daily SMA100	0.8735
Daily SMA200	0.8819

Levels
Previous Daily High	0.9057
Previous Daily Low	0.9002
Previous Weekly High	0.9072
Previous Weekly Low	0.8969
Previous Monthly High	0.9072
Previous Monthly Low	0.873
Daily Fibonacci 38.2%	0.9036
Daily Fibonacci 61.8%	0.9023
Daily Pivot Point S1	0.9011
Daily Pivot Point S2	0.8978
Daily Pivot Point S3	0.8955
Daily Pivot Point R1	0.9066
Daily Pivot Point R2	0.909
Daily Pivot Point R3	0.9122

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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