S&P500 falls more than 1 % for the second consecutive day.
USD/CHF accelerated to the upside, eyes at 0.9600
USD/CHF is on the rise, reaching 0.9600 Friday. This is due to a stronger US Dollar. The DXY is trading at 101.00, an increase of 0.60% since March 2020.
More than a rally
The US dollar gained momentum during the American session, boosting USD/CHF up to 0.9590. This is the highest level since June 2020. It is still at the top and has maintained significant gains.
Markets continue to be affected by expectations for more aggressive Federal Reserve tightening. Wall Street’s main indices have fallen more than 1% for the second consecutive day. The US yields held steady at near multi-year highs on Friday.
Economic data US came in mixed with the S&P global PMI. Unexpectedly, the Manufacturing index rose to its strongest level in nine months while the Service sector indicator fell to its lowest level in three years. Next week’s data include the first estimate for Q1 GDP.
SMA of 200 Weeks
USD/CHF will soon post its third consecutive weekly gain, with a gain of over 300 pips. This week’s close will be the first above the 200-week Simple Moving average in two years.
