US Dollar Price Action Setups: EUR/USD, AUD/USD, USD/CHF Levels to Watch

US dollar setups come into focus as data weakens. EUR/USD awaits ECB cut, AUD/USD eyes lower levels on waning risk appetite, and USD/CHF flashes overheating signals after a sharp drop

Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0....Swiss Franc Advances at Pace but Overheating Signals Flash Redhas moderated and now looks unlikely to make a comeback after the Atlanta Fed’s GDPNow forecast revealed a massive turnaround in second quarter growth, from a prior 4+ percent to a measly 1.8%. The 1.8% projection is not much of an improvement from the Q1 print of 1.

The ECB is gearing up to deliver its first rate cut after hiking borrowing rates at record pace to calm inflation. However, the market reaction after the event could be rather muted given numerous officials have targeted June as a preferable date to start lowering rates. Therefore, more attention is likely to be placed on the path of rate cuts to come but again, ECB officials have cautioned against a view that there will be rate cuts at successive meetings.

The Swiss franc has gathered strength after comments from the Swiss National Bank Chairman Thomas Jordan after he identified a weaker franc as a risk to the inflation outlook. The SNB were first to act out of the major developed central banks, cutting the interest rate in March already which left the currency to depreciate against G7 currencies./USD may provide a pair worth analysing. The Aussie dollar may soon run out of steam as risk appetite appears lackluster at the start of the week.

US services PMI will provide crucial insight into the sector contributing the most to US GDP. On Thursday we will hear from the ECB and most likely see the first rate cut. Friday is the main event however, with US NFP and average hourly earnings.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.

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