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USDCHF UPDATE 09-02-2023 : USDCHF faces heat above 0.9200 as risk-off impulse eases, hawkish Fed bets soar

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USDCHF UPDATE : USDCHF faces heat above 0.9200 as risk-off impulse eases, hawkish Fed bets soar

  • USD/CHF is facing pressure in overstepping the immediate resistance of 0.9200.
  • The risk-off impulse is losing momentum as investors have shrugged off Fed-inspired recession fears.
  • The shortage of labor in the US will be addressed by higher employment proposals from firms.

USDCHF UPDATE : The USD/CHF pair is facing barricades in overstepping the immediate resistance of 0.9210 in the Asian session. The Swiss franc asset has gradually crossed the round-level resistance of 0.9200 but is struggling to extend gains further as the risk appetite of the market participants is improving again.

S&P500 futures have picked up some demand in the Asian session after a negative Wednesday. A recovery move in the 500-US stocks basket is indicating ease in the risk-off market mood. Also, investors are ignoring the proposal of quadrupling the corporate buyback tax on billionaires. Adding to that, the US Treasury yields have dropped firmly despite hawkish policy stances by various Federal Reserve (Fed) policymakers. The yields generated by the 10-year US government bonds have dropped to near 3.60%.

The US Dollar Index (DXY) is working hard to sustain above the critical resistance of 103.00. The upside in the USD Index seems solid as the Fed is aiming to keep interest rates higher for a longer period than earlier anticipated. Despite confirming the fact that the disinflationary process is active in the United States by Fed chairs Jerome Powell, further hiking in interest rates cannot be ruled out.

USDCHF UPDATE : A strong labor market in the United States is expected to propel the employment cost index as the shortage of labor will be augmented by higher employment proposals from firms. This could trigger a rebound in the inflation projections as households with higher earnings in possession can lead to higher consumer spending.

On the Swiss franc front, the odds of a continuation of the interest rate hike spell by the Swiss National Bank (SNB) are gathering strength. SNB Chairman Thomas J. Jordan cited that the inflationary pressures are beyond the control of the central bank, which bolsters the case of further policy tightening.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

First Capitals (www.First Capitals.com/uk) is authorised and regulated by the Financial Conduct Authority with license number 777911.

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Card transactions are processed via FT Global Services Ltd, Reg No. HE 335426 and registered address at Ioannis Stylianou, 6, Floor 2, Flat 202 2003, Nicosia, Cyprus, and via Exinity Services Ltd , Reg No. HE 400404 and registered address at Agiou Georgiou Makri, 64, Anna Maria Lena Court, Flat 201, 6037, Larnaca, Cyprus. Address for cardholder correspondence: backoffice@First Capitals.com.. Business location address: FIRST CAPITALS Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.

Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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