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USD/CHF Edges to New YTD High, Despite Pinched Liquidity

FOREX
  • Thinner liquidity levels are making themselves known in currency markets, with price action lacking any conviction and helping aid the USD off the better levels of the session. Low and slow start to the Labour Day session evident in price action across currency futures, with cumulative EUR futures volumes ~40% below, GBP futures ~30% below, and JPY futures over 50% below average for this time of day.
  • As such, USD/CHF has edged just off new cycle highs printed at 0.9224 today, building on the strength noted across Tuesday trade. The Wednesday high is just 20 pips shy of the bull trigger and Oct’23 high of 0.9244 and the 50% retracement for the downleg off the Dec’22 high at 0.9240.
  • USD/CHF’s technical trend is yet to flash as overbought, with focus turning to tomorrow’s CPI release – which is unlikely to sway the SNB as CPI is expected to hold well within the SNB’s target band. Trend-followers look beyond the H2’23 high to more horizontal resistance at 0.9439 and another retracement level at 0.9454.
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