USDCHF climbs above 0.9500, as bears eye rallies to re-engage after cracking the 200-DMA – by christianborjon USDCHF Majors Macroeconomics Technical Analysis
US economic data was mixed as the housing market plunged while unemployment claims decelerated.USDCHF remains bearish-biased, though a break of 0.9600 would exacerbate a rally to the 200-DMA.extended its weekly rally, to four consecutive days, after registering a new seven-month-old low around 0.9356 on Monday. However, hawkish commentary by US Federal Reserve speakers shifted sentiment sour for the benefit of the US Dollar . Hence, the USDCHF is trading at 0.9518, above its opening price by 0.
Fundamentally speaking, nothing has changed. The Federal Reserve would continue on its upward trajectory, hiking rates, after the St. Louis Fed President James Bullard said that rates are not “sufficiently restrictive,” as he foresees the Federal Funds rate to peak at around the 5% to 7% range. On Wednesday, the San Francisco Fed President Mary Daly said that pausing hikes “was off the table.”pause might occur increased due to US equities pairing some of its year losses.
Of late, US Initial Jobless Claims for the last week decelerated to 222K, beneath estimates of 225K. At the same time, Continuing claims advanced 13K to 1.51 million, flashing signs that the labor market is easing. Aside from this, the Switzerland National Bank Governor, Andrea Maechler, is crossing newswires. She said that inflation in Switzerland is no longer “shock driven” and added that the SNB would continue to lift rates if inflation projections remained above the central bank’s target.All that said, the USDCHF recovered from last week’s losses and is up in the week 1.13%. Nevertheless, the USDCHF is bearish-biased once it cleared the 200-day Exponential Moving Average at 0.9623.
That said, the USDCHF’s first resistance would be 0.9600, ahead of the 200-day EMA at 0.9623. On the flip side, USDCHF key supports are the 0.9500 psychological figure, followed by the September 13 daily low at 0.9479, ahead of the August 11 swing low at 0.9370.
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