As the world’s top investment manager and financial market journalist, I bring you the latest update on USD/CHF as it inches lower to 0.8845 despite positive US economic data. The US Consumer Confidence Index has improved, and job openings are strong, yet market expectations for a Fed rate cut in September remain high, putting pressure on the USD.
In Tuesday’s trading session, the USD/CHF pair declined by 0.20% to 0.8845, despite the Greenback’s overall strong performance. The upcoming Federal Reserve meeting on Wednesday is eagerly anticipated by the markets.
The Consumer Confidence Index rose to 100.30 in July, and job openings surpassed expectations at 8.184M in June. While a Fed rate hold is expected, investors are looking for signals of a possible rate cut in September.
From a technical standpoint, USD/CHF’s outlook has turned bearish as it remains below key moving averages and indicators like RSI and MACD signal selling pressure. Support levels are at 0.8800, 0.8750, and 0.8730, with resistance levels at 0.8850, 0.8870, and 0.8900.
In conclusion, despite positive US economic data, market expectations for a Fed rate cut are impacting USD/CHF. Investors should watch for signals from the Federal Reserve meeting and upcoming labor market data to guide their trading decisions. Stay informed and make strategic moves to navigate the changing market landscape.