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6 January 2025,02:13
Trade Of The Day
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6 January 2025, 02:13
* Persistent Inflation: The USD/CHF pair continues its upward momentum, buoyed by growing expectations of fewer rate cuts from the Federal Reserve (Fed). Inflation in the United States remains persistently above the Fed’s 2% target, signaling that the central bank is likely to maintain higher interest rates for a longer period compared to other major central banks. Recently, the Fed revised its outlook for this year, reducing the anticipated rate cuts from four to just two. This projection of fewer rate reductions has bolstered the U.S. dollar while reducing the attractiveness of the Swiss franc. Additionally, the dollar also finds support as Donald Trump’s upcoming inauguration on January 20 approaches.
* Technical Breakout: USDCHF have traded higher following prior breakout above the previous resistance level 0.90250. 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 the level 0.91650. Conversely, a potential reversal is also to be expected and the price could head back towards 0.90250.
Looking ahead, investors will closely monitor key U.S. economic data, including the ISM Non-Manufacturing PMI, ADP Nonfarm Employment Change, and Nonfarm Payrolls, to assess market sentiment further.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Switzerland data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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