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USDCHF Quotes are Holding in a Downtrend

12/13/2022 12:45 PM

Against the background of the stabilization of the US currency, the USD/CHF pair is moving within a downtrend around 0.9360.

The Swiss State Secretariat for Economic Affairs (SECO) is to release its traditional economic forecasts today. Still, investors expect them to be neutral, with third-quarter data showing a rise of 0.2% after rising by 0.1% earlier, indicating restrained dynamics, unable to influence the national currency. First, the gross domestic product (GDP) increase is curtailed by a record drop in consumer sentiment below –47.0 points for the first time since 1972. According to the latest poll, citizens do not expect improvements anytime soon and are reluctant to make large purchases amid unprecedented inflation and an uncertain outlook.

In anticipation of data on the dynamics of consumer prices, the US dollar is trading around 104.600 in the USD Index. Analysts suggest that the decline in inflation will continue and reach 7.3% compared to 7.7% earlier, while the base rate may drop to 6.1% from 6.3% a month earlier. Against this background, the regulator at tomorrow's meeting will likely decide on an interest rate adjustment of only 50,0 basis points after a fourfold increase of 75,0 basis points.


On the daily chart of the asset, the trading instrument continues its global decline, completing the formation of the local Triangle pattern.

Technical indicators maintain a stable sell signal: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram forms corrective bars in the sell zone.

Resistance levels: 0.9410, 0.9550. | Support levels: 0.9310, 0.9150.

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