USD/CHF tests bears around 0.8950 ahead of SNB Quarterly Bulletin, Fed Chair Powell’s speech


  • USD/CHF prints the first daily gains in three, clings to mild gains of late.
  • Upbeat US data, challenges to sentiment underpin US Dollar’s corrective bounce ahead of top-tier speeches.
  • SNB’s Quarterly Bulletin should be closely observed to gauge hawkish bias at Swiss central bank.
  • Fed Chair Powell needs to suggest further rate hikes to defend US Dollar.

USD/CHF consolidates weekly losses ahead of the top-tier data/events as its prints mild gains around 0.8945, snapping a two-day losing streak, heading into Wednesday’s European session. In doing so, the Swiss Franc (CHF) pair also justifies the trader’s preference for the US Dollar amid cautious mood and hawkish Federal Reserve (Fed) bets.

That said, S&P500 Futures pare the biggest daily jump in a fortnight with mild losses whereas the US Treasury bond yields remain depressed after rising in the last two consecutive days to portray the market’s dicey momentum.

It should be noted that the contrasting headlines surrounding China and the upbeat US data also allow the USD/CHF to grind higher.

Talking about the China news, US President Joe Biden said late Tuesday that China has enormous problems. His comments were joined by the Wall Street Journal (WSJ) news saying, “The Biden administration is considering new restrictions on exports of artificial intelligence chips to China, as concerns rise over the power of the technology in the hands of US rivals, according to people familiar with the situation.”

Previously, headlines suggesting Asian lobbyists are advocating for easier rules for Chinese equities’ overseas listing and comments from Premier Li Qiang joined the People’s Bank of China’s (PBoC) lower-than-expected fixing of the USD/CNY price to tease the Oil. Further, the US Dollar selling by major Chinese state banks, per Reuters, also weighed on the USD before the upbeat data prod the greenback bears.

On Tuesday, US Durable Goods Orders marked a surprise growth of 1.7% for May versus -1.0% market forecasts and 1.2% prior (revised). Further, the US Conference Board's (CB) Consumer Confidence Index rose to 109.7 for June from 102.5 in May (revised from 102.3). On the same line, US Housing Price Index rose to 0.7% in April from 0.5% in previous readings (revised), versus the 0.3% expected. Meanwhile, the S&P/Case-Shiller Home Price Index came in as -1.7% YoY for April, down from -1.1% prior but better than -2.6% market forecasts. Additionally, New Home Sales rose 12.2% MoM in May from 3.5% prior and 0.5% anticipated whereas the Richmond Fed Manufacturing Index improved to -7.0 in June compared to -15.0 prior and -10.0 expected.

Moving on, the Swiss ZEW Survey for June will precede the Swiss National Bank’s (SNB) Quarterly Bulletin to direct immediate USD/CHF moves ahead of Fed Chairman Jerome Powell’s speech Fed Chairman Jerome Powell

Technical analysis

The steady RSI (14) line joins the receding bearish bias of the MACD to suggest a gradual recovery in the USD/CHF price between the 50-DMA and ascending support line from early May, respectively near 0.8980 and 0.8920.

USD/CHF

Overview
Today last price 0.8942
Today Daily Change 0.0006
Today Daily Change % 0.07
Today daily open 0.8936
 
Trends
Daily SMA20 0.9011
Daily SMA50 0.8979
Daily SMA100 0.9092
Daily SMA200 0.9316
 
Levels
Previous Daily High 0.897
Previous Daily Low 0.8924
Previous Weekly High 0.9013
Previous Weekly Low 0.8907
Previous Monthly High 0.9148
Previous Monthly Low 0.882
Daily Fibonacci 38.2% 0.8942
Daily Fibonacci 61.8% 0.8953
Daily Pivot Point S1 0.8917
Daily Pivot Point S2 0.8897
Daily Pivot Point S3 0.887
Daily Pivot Point R1 0.8963
Daily Pivot Point R2 0.899
Daily Pivot Point R3 0.901

 

 

Share: Feed news

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


Recommended content

Editors’ Picks

EUR/USD fails to gather traction, remains below 1.1700

EUR/USD fails to gather traction, remains below 1.1700

EUR/USD fails to gather momentum, trading below 1.1700 at the end of the week.  The pair is pulled down by dwindling prospects for an EU-US trade accord, as US President Trump is expected to send a tariff letter to the European Union later today, while the continued demand for the US Dollar also keeps the risk complex under extra pressure.

Meme coins to watch as Bitcoin hits record high

Meme coins to watch as Bitcoin hits record high

Meme coins Bonk, Dogwifhat, and Floki are positioned to extend gains as the weekly recovery reaches crucial resistance levels. The meme coins gain bullish momentum on the back of Bitcoin’s (BTC) recovery run, hitting a new all-time high on Thursday. 

Gold challenges two-week highs near $3,360

Gold challenges two-week highs near $3,360

Gold gains upside impulse at the end of the week, trading near the $3,360 mark per troy ounce in respose to solid demand from te safe-haven space. Persistent trade uncertainty underpins the ongoing risk-off mood among investors, lending extra wings to the precious metal.

GBP/USD drops below 1.3500, flirts with three-week lows

GBP/USD drops below 1.3500, flirts with three-week lows

GBP/USD continues its weekly retracement on Friday, trading at its lowest level in nearly three weeks below the 1.3500 support.  The UK's poor GDP statistics drags on the British pound, while the US Dollar continues to profit from safe-haven flows, sending Cable and its risk-related peers to lower levels.

Week ahead – A storm of CPI data and China’s GDP in focus amid trade uncertainty

Week ahead – A storm of CPI data and China’s GDP in focus amid trade uncertainty

Dollar attracts safe haven flows amid trade anxiety. US inflation data could shake July Fed cut probability. UK, Canadian and Japanese CPI numbers also on tap. Weak Chinese growth may increase calls for more stimulus.

Best Brokers for EUR/USD Trading

Best Brokers for EUR/USD Trading

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025