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CHF Weakness Brings Major Levels in USD/CHF, EUR/CHF Into Play

FOREX
  • CHF is the poorest performing currency so far Tuesday, helping EUR/CHF narrow the gap with the key upside level and bull trigger at 0.9788. A break of this level, along with 0.9020 in USD/CHF could unlock the next stage of weakness for the CHF after last week's surprise SNB rate cut, at which the bank became the first in G10 to ease monetary policy after the post-pandemic tightening cycle.
  • We wrote yesterday that while the AUDUSD technical theme remains bearish, exponential moving average indicators appear positive for AUDCHF, and the dovish SNB combined with the overall buoyant backdrop for global equities could point to further strength ahead for the cross.
  • NZD fares better on an intraday basis, gaining off recent pullback lows to re-take the 0.60 handle and stabilise just below the 200-dma. This level, just above at 0.6076, marks the next upside resistance of note.
  • Focus for the duration of the Tuesday sessions rests on the prelim US durable goods orders data for February ahead of the March consumer confidence release. The central bank speaker schedule is thinner, with just BoC's Wilkins set to speak later today.
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