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13 August 2024,02:02
Trade Of The Day
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13 August 2024, 02:02
* Hawkish Fed: USD/CHF gained traction as the dollar strengthened at the start of the week, driven by hawkish comments from Fed Governor Michelle Bowman. She indicated that the Fed may hold off on rate cuts in September and noted persistent inflation risks from a strong labor market. Additionally, positive equity market sentiment is weakening the Swiss Franc (CHF) and bolstering 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.
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.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Swiss 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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