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27 Sep 2023

USD/CHF pinning into fresh six-month highs over 0.92

  • The USD/CHF has cleared 0.9200 and is roping in its highest prices in six months.
  • The CHF continues to swoon on the back of a dovish SNB.
  • Greenback getting supported by upbeat US data.

The USD/CHF is on track to close in the green for the eleventh straight week as the Greenback (USD) picks up further steam against the Swiss Franc (CHF). US data beats continue to bolster the USD, and rising US Treasury yields on the back of concerns over a potential US government shutdown are adding fuel to the US Dollar fire.

On the CHF side, the Swiss National Bank (SNB) recently surprised markets with an unexpected freeze on rate hikes, and the SNB's rate hike cycle appears to be well and truly over as inflation slumps below the Swiss central bank's 2% target and the Swiss domestic economy continues to show signs of weakness.

Markets see US data up, Swiss data down

US Durable Goods Orders surprised to the upside on Wednesday, with the headline figure for August printing 0.2%, a healthy rebound from the previous 5.6% decline and landing above the market forecast -0.5%.

Next up on the economic calendar for the USD will be Thursday's Gross Domestic Product (GDP) figures, forecast to hold steady at 2.1% for the second quarter.

Friday sees Swiss Retail Sales for the annualized period into August, which last printed at -2.2%, while the US Core Personal Consumption Expenditure (PCE) Price Index is expected to hold in-line with the previous reading of 0.2%.

USD/CHF technical outlook

The USD/CHF has climbed nearly 8% from July's lows near 0.8555, and prices have vaulted cleanly over the 200-day Simple Moving Average (SMA) near 0.9050.

the 0.9200 region is a neighborhood that plagued the USD/CHF with heavy consolidation in 2021.

Despite the recent rise on the charts, the USD/CHF still remains down almost 2.5% on the year, and buyers will need to overcome 2023's cap before moving further.

USD/CHF daily chart

USD/CHF technical levels

 

Sep 27, 2023

USD/MXN rallies to a new cycle-high past 17.8000 ahead of Banxico rates decision

The Mexican Peso (MXN) continues to weaken against the US Dollar (USD) during the North American session after hitting a daily low of 17.4748. Broad U
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Gold Price Forecast: XAU/USD plummets to new cycle low, on elevated US yields, risk aversion

Gold price plunged more than 1% in the mid-New York session, drafting a new cycle low below the August 21 swing low of $1884.89, as sellers set their
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