The USD/CHF pair faces a sell-off above the round-level support of 0.9100 in Tuesday’s early American session.
USD/CHF faces pressure above 0.9100 as US Dollar drops after weak S&P Global PMI data for April. The preliminary Manufacturing PMI falls below the 50.0 threshold. The Fed advocates for keeping interest rates at their current levels longer. The Swiss Franc asset falls as the US Dollar Index drops to 105.80 after the S&P Global reportedweak preliminary PMI data for April. The agency reported that both Manufacturing and Services PMI missed expectations.
64% as the Fed continues to argue that the current monetary policy framework is appropriate as stubbornly higher inflation in the first quarter of this year cannot be ignored. The formation of the USD/CHF pair on a four-hour timeframe appears to be a Rising Wedge chart pattern, which indicates a limited upside and is generally followed by a breakdown move. The 20-period Exponential Moving Average at 0.9100 glued with the Swiss Franc asset, suggesting indecisiveness among market participants.
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