Swiss Franc Outperforms as Global Inflation Data Lack Lasting Impact on Forex
| Action Insight Weekly Report 6-1-24 |
| Swiss Franc Outperforms as Global Inflation Data Lack Lasting Impact on Forex |
Inflation data were the key drivers in the forex markets last week, though they failed to produce any sustained movements across major currencies. Australian Dollar rallied following robust CPI figures, yet its gains were limited by the prevailing risk-off sentiment in the region. Similarly, Euro received a modest boost after unexpected acceleration in inflation, but traders remained cautious, opting to wait for the upcoming ECB rate decision and economic projections before making significant bets. In US, PCE inflation data provided relief to stock investors, contributing to stabilization of risk sentiments that subsequently placed pressure on the Dollar. In terms of performance rankings, Swiss Franc dominated as the most impactful mover, significantly bolstered by SNB's intervention signals. Australian and New Zealand Dollars rounded out as the next strongest. Conversely, Japanese Yen was the weakest, though it stayed above its near-term support against most counterparts. Dollar and Euro trailed as the second and third weakest, respectively, while British Pound and Canadian Dollar closed the week with middling performances... |
USD/CHF Weekly Outlook USD/CHF's steep decline last week suggests that rebound from 0.8987 has completed at 0.9157. Initial bias stays on the downside this week for 0.8987. Firm break there will resume the fall from 0.9223 to 100% projection of 0.9223 to 0.8987 from 0.9157 at 0.8921. On the upside, above 0.9065 minor resistance will turn intraday bias neutral first. | |
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