• USD/CHF is expected to surpass the intraday high at 0.9570 as the DXY is getting out of the woods.
  • The DXY has attracted bids as odds of a hawkish commentary in Fed Powell’s speech have escalated.
  • Investors will focus on US GDP, US PCE, and Swiss ZEW-Survey Expectations on Wednesday

The USD/CHF pair is aiming to surpass the critical resistance of 0.9570 as the US dollar index (DXY) has attempted an upside break of the consolidation formed in a narrow range of 104.36-104.50 in the Asian session. Earlier, the asset witnessed a responsive buying action after slipping near the critical support of 0.9550.

Bids have followed the DXY after remaining lackluster as bets over a hawkish commentary from Federal Reserve (Fed) chair Jerome Powell in his speech on Wednesday have advanced. Fed Powell is expected to sound hawkish as prior interest rate hikes by the Fed have failed to bring even a minor impact on the inflation rate in the US economy.

The Fed has already elevated its interest rates to 1.50-1.75% in its past three monetary policy meetings. Despite the back-to-back announcements of rate hikes and balance sheet reduction program, the inflation rate has climbed above 8.6%, recording its every highest four-decade figure.

In addition to Fed Powell’s speech, investors’ focus will remain on the US Personal Consumption Expenditure (PCE) and Gross Domestic Product (GDP) numbers. As per the market consensus, the US PCE will remain stable at 7% on an annual basis. Also, the US GDP figure is expected to remain unchanged at -1.5% for the first quarter of CY 2022.

On the Swiss franc front, ZEW Survey- Expectations will be keenly watched. As per the market consensus, the economic data could decline to -70.7 vs. -52.6 recorded earlier. A higher-than-expected figure will strengthen the Swiss franc bulls against the greenback.

USD/CHF

Overview
Today last price 0.9562
Today Daily Change -0.0012
Today Daily Change % -0.13
Today daily open 0.9574
 
Trends
Daily SMA20 0.9716
Daily SMA50 0.9734
Daily SMA100 0.9513
Daily SMA200 0.9365
 
Levels
Previous Daily High 0.9587
Previous Daily Low 0.9534
Previous Weekly High 0.9713
Previous Weekly Low 0.9522
Previous Monthly High 1.0064
Previous Monthly Low 0.9545
Daily Fibonacci 38.2% 0.9567
Daily Fibonacci 61.8% 0.9554
Daily Pivot Point S1 0.9543
Daily Pivot Point S2 0.9512
Daily Pivot Point S3 0.949
Daily Pivot Point R1 0.9597
Daily Pivot Point R2 0.9619
Daily Pivot Point R3 0.965

 

 

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