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13 August 2024,01:58
Trade Of The Day
13 August 2024, 01:58
* Hawkish Fed: The USD/CHF saw some buying interest as the dollar began the week on a strong footing, following hawkish remarks by Federal Reserve Governor Michelle Bowman. Bowman suggested that the Fed might not lower rates in September and highlighted ongoing inflation risks due to a robust labor market. Additionally, a generally optimistic sentiment in the equity markets is weakening the safe-haven Swiss Franc (CHF) and providing support to the USD/CHF pair.
* Technical Breakout: USDCHF was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the pair to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 0.87600. Conversely, a potential reversal is also to be expected and the price could head back towards 0.85650.
Understand how technical analysis can help you in this trading opportunity.
* Looking ahead, traders will monitor upcoming US economic data for more insights into the Federal Reserve’s (Fed) rate outlook. Key releases include the Producer Price Index (PPI) on Tuesday, the Consumer Price Index (CPI) on Wednesday, and Retail Sales on Thursday
Know how to manage trading risks with risk management strategies.
Stay updated on US and Swiss data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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