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CHF: USDCHF Notably Lower Following Swiss CPI, 50-day EMA Remains Key Support

CHF
CEEMEASwitzerlandBulletMarketsForeign Exchange Bullets
  • Swiss Franc strength is standing out on Thursday, underpinned by the hotter core CPI print and the aforementioned hawkish SNB repricing. A softer greenback has exacerbated the USDCHF (-0.68%) selloff, which picked up momentum beneath yesterday’s low at 0.9103. Moderate but steady progress south has seen the pair trade to the lowest levels of the week in recent trade.
  • Earlier we pointed out trendline support just above 0.9040, but it is the 50-day exponential moving average that remains key on the downside, having underpinned the significant rally in the aftermath of the US election. Despite multiple attempts in recent weeks, USDCHF has continually failed to close below this average, which currently intersects at 0.9024. Below here, the January low is at 0.8965.
  • EURCHF made another test above 0.95 just before the data, as optimism surrounding a potential conclusion to the Russia/Ukraine conflict bolsters the single currency. However, following the data, EURCHF now resides 50 pips off the highs ~0.9460. Several tests above the 0.9500 handle dating back to September have proved short lived.
  • CHFJPY has extended an impressive 2.2% recovery from Friday’s low, and today’s high print has matched an initial resistance point at 169.75 (20-day EMA). A stronger reversal would target a move to 171.20.
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  • Swiss Franc strength is standing out on Thursday, underpinned by the hotter core CPI print and the aforementioned hawkish SNB repricing. A softer greenback has exacerbated the USDCHF (-0.68%) selloff, which picked up momentum beneath yesterday’s low at 0.9103. Moderate but steady progress south has seen the pair trade to the lowest levels of the week in recent trade.
  • Earlier we pointed out trendline support just above 0.9040, but it is the 50-day exponential moving average that remains key on the downside, having underpinned the significant rally in the aftermath of the US election. Despite multiple attempts in recent weeks, USDCHF has continually failed to close below this average, which currently intersects at 0.9024. Below here, the January low is at 0.8965.
  • EURCHF made another test above 0.95 just before the data, as optimism surrounding a potential conclusion to the Russia/Ukraine conflict bolsters the single currency. However, following the data, EURCHF now resides 50 pips off the highs ~0.9460. Several tests above the 0.9500 handle dating back to September have proved short lived.
  • CHFJPY has extended an impressive 2.2% recovery from Friday’s low, and today’s high print has matched an initial resistance point at 169.75 (20-day EMA). A stronger reversal would target a move to 171.20.