USD/CHF Remains Bearish After Swiss Inflation, Retail Sales
USD/CHF turned bearish at the beginning of November, as the USD decline picked up pace, although in the last two weeks this pair has been bouncing up and down in a range, as uncertainties continue. Earlier this week the pressure was to the upside, but the 100 SMA (green) caught up with the price and provided resistance, pushing the price down. Jerome Powell’s comments about slowing down with rate hikes added further to that and it seems kike the range might be broken now.
USD/CHF H4 Chart – The 100 SMA Rejected the Price
Will the range be broken?
The Swiss consumer inflation CPI (consumer price index) and retail sales were released earlier, although they didn’t have a major impact on the CHF. The sentiment will have instead, so we will keep an eye on the risk sentiment in financial markets and if yesterday’s post-Powell price action will continue.
Switzerland November CPI
- November CPI YoY +3.0% vs +3.0% expected
- October CPI was +3.0%
Swiss annual inflation keeps steadier in November, with the monthly reading showing no change in price pressures. Core inflation is seen at 1.9% and that is up from October’s 1.8% reading, so that will keep the SNB on the tightening path in its policy meeting later this month.
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