USDCHF faces barricades around a 10-day high at 0.9570 ahead of US Durable Goods Orders


  • USDCHF is struggling to overstep a 10-day high at 0.9570 as focus shifts to US Durable Goods Orders data.
  • The US Treasury yields are facing pressure amid less-hawkish commentary from Fed’s Bostic.
  • Sustainability in the US Durable Goods Orders data may compel the Fed to sound hawkish again.

The USDCHF has advanced gradually to a near 10-day high of around 0.9570 in the Asian session. The asset is struggling to extend gains ahead as investors are shifting their focus toward the release of the US Durable Goods Orders data, which is due on Wednesday.

The market participants are favoring a risk-aversion theme despite the unavailability of any potential trigger. The US dollar index (DXY) has sensed hurdles around a two-day high at 107.24, however, the upside is still favored. S&P500 futures have witnessed enough heat in Tokyo after a positive functioning on Friday. Meanwhile, the 10-year US Treasury yields have tumbled below 3.80% as investors are not expecting a continuation of bigger rate hike announcements by the Federal Reserve (Fed).

As price pressures have shown immense signs of exhaustion and consumer spending has been trimmed in the US economy, investors believe that ultra-hot inflation is cooling down. Atlanta Federal Reserve (Fed) President Raphael Bostic believes that the spell of 75 basis points (bps) rate hike is terminated and a lower rate hike will be cited in December monetary policy by the US central bank, as reported by Reuters.

Going forward, investors will keep an eye on US Durable Goods Orders data. As per the projections, the economic data is seen stable at 0.4%. Sustainability in the Durable Goods Orders data in times when interest rates are accelerating could create more troubles for Fed chair Jerome Powell. The Fed has been working on keeping the overall demand on a low profile to cool down inflation. This also indicates that households are resorting to higher interest obligations to address their need for durable goods.

On the Swiss franc front, SNB Chairman cleared that monetary policy is still expansionary and ''we have most likely to adjust monetary policy again.'' The Swiss central bank is entitled to bring the inflation rate in the 0-2% range and in response to that current monetary policy is restrictive enough to perform the job.

USD/CHF

Overview
Today last price 0.9548
Today Daily Change 0.0009
Today Daily Change % 0.09
Today daily open 0.9539
 
Trends
Daily SMA20 0.9792
Daily SMA50 0.9821
Daily SMA100 0.9736
Daily SMA200 0.9629
 
Levels
Previous Daily High 0.9548
Previous Daily Low 0.9498
Previous Weekly High 0.9558
Previous Weekly Low 0.9357
Previous Monthly High 1.0148
Previous Monthly Low 0.9781
Daily Fibonacci 38.2% 0.9529
Daily Fibonacci 61.8% 0.9517
Daily Pivot Point S1 0.9509
Daily Pivot Point S2 0.9479
Daily Pivot Point S3 0.9459
Daily Pivot Point R1 0.9558
Daily Pivot Point R2 0.9578
Daily Pivot Point R3 0.9608

 

 

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