USDCHF subdued, waiting for Powell testimony.
“Powell testimony will bring significant impact upon US dollar’s long-term perspective.”
Greenback remains subdued on Tuesday as market participants wait for testimony by Federal Reserve Chair Jerome Powell. Investors will focus on further signal from Powell with regards to Fed’s potential policy guidance in combating high inflation in the US. Although several Fed officials has voiced out their concern on inflation and calls for more rate hikes, investors will require a confirmation from Powell, who is seemingly dovish in terms of providing his views.
Technical Analysis
USDCHF, Daily: The pair tumbled extensively as it fails to extend prior gains above 0.9480. MACD which continues to show bearish momentum suggest the pair to thread lower, towards the direction of 0.9230.
Resistance level: 0.9360, 0.9480
Support level: 0.9230, 0.9110
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