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Near 0.9140, USD/CHF meets resistance as the USD Index resumes its decline

Alina Haynes

Mar 31, 2023 11:53

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Near 0.9140 during the Asian session, the USD/CHF pair confronted formidable resistance. It is anticipated that the Swiss Franc will decline to a new two-week low after falling below 0.9120. Following a brief retracement near 102.25, the US Dollar Index (DXY) has declined, accelerating the acceleration of adverse speculations on the major currency. The USD Index is anticipated to decline below its immediate support of 102.0.

 

As investors anticipate that Federal Reserve (Fed) chair Jerome Powell will not raise interest rates at the May monetary policy meeting in 2023, USD Index adverse speculations are increasing. Undoubtedly, fears of a U.S. banking system crisis have diminished significantly, but U.S. institutions will continue to maintain exceedingly stringent credit conditions to prevent additional casualties. Moreover, the impact of US financial anxiety has not yet been realized.

 

More than 52% of forecasts from CME Fedwatch favor the Fed maintaining its present monetary policy stance at its May meeting.

 

Meanwhile, S&P500 futures carry optimism from Thursday forward. Futures on the S&P 500 index have extended their gains during the Asian session, indicating an increase in market participants' risk appetite. In the absence of clarity regarding the future of monetary policy, there is a decline in the demand for U.S. government bonds.

 

The issuance of Real Retail Sales (Feb) data for the Swiss Franc is anticipated by investors. The annual retail sales data is projected to increase by 1.9%, compared to a decrease of 2.2%, which would strengthen the sustainability of inflationary pressures. Moreover, the Swiss National Bank (SNB) is committed to minimizing inflation through future rate hikes.

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