On the week\u2019s last trading day, the USD\/CHF pair jumps from weekly lows erasing Thursday\u2019s losses, the pair also gains 0.56% as the New York session gets closer to its end. The USD\/CHF is trading at 0.9626, reflecting a downbeat mood and a strong US Dollar, underpinned by high US Treasury yields.
Market sentiment is still negative because of accelerating recession concerns. Risk aversion dominates Friday\u2019s trading session. US equities point to a lower close, losing between 0.83% and 2.36%, on the same narrative since the beginning of the week. Investors\u2019 fears that the hawkish Fed could cause a recession.
Supply chain disruptions, which worsened with China\u2019s Covid-19 crisis, which seems to be left behind, and Russia\u2019s invasion of Ukraine, are still issues that keep market players uneasy. The USD\/CHF Friday\u2019s price action opened near 0.9570 and dipped towards the S1 daily pivot near 0.9552. Nevertheless, buyers entered the market around the European open and rallied sharply, though hesitated, at the time of the US Nonfarm Payrolls report release, though reached a daily high at 0.9642.
Technically; the USD\/CHF is upward biased, and in fact, buyers reclaimed the 50-day moving average (DMA) at 0.9595. Nevertheless, the Relative Strength Index (RSI), albeit pointing upwards, remains in bearish territory. If USD\/CHF buyers would like to exacerbate a move towards the 20-DMA at 0.9757, they would need a daily close above June 1 high at 0.9660.
Therefore, the USD\/CHF first resistance would be the previously mentioned 0.9660. A break above would expose the 0.9700 figure, followed by the confluence of the 20-DMA, and the May 20 high around the 0.9757-64 territory.<\/p>\n","protected":false},"excerpt":{"rendered":"
On the week\u2019s last trading day, the USD\/CHF pair jumps from weekly lows erasing Thursday\u2019s losses, the pair also gains 0.56% as the New York session gets closer to its end. The USD\/CHF is trading at 0.9626, reflecting a downbeat mood and a strong US Dollar, underpinned by high US Treasury yields.Market sentiment is still …<\/p>\n","protected":false},"author":13,"featured_media":32638,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6885,9358,7536,7078],"class_list":["post-66537","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-fed","tag-hawkish-stance","tag-recession","tag-usd-chf"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=66537"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66537\/revisions"}],"predecessor-version":[{"id":66541,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66537\/revisions\/66541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32638"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=66537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=66537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=66537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}