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USD/CHF Price Analysis: Weakness around 0.9610 on USD weakness

  • Prices paid by US producers show signs of relaxation, except for the core PPI.
  • Core inflation in the US is showing signs of being firmer than estimated.
  • USD/CHF Price Analysis: Break Above 0.9630 Puts 0.9700 Level In Play; otherwise, a drop to 0.9420 is anticipated.

The USD/CHF is trading sideways after rising 0.82% on Tuesday in reaction to US inflation data showing signs of easing in the simple CPI. However, core inflation is rising on the consumer and producer side, as reported by the US Department of Labor. Therefore, USD/CHF was almost unchanged, but down slightly by 0.01%, trading at 0.9613.

USD/CHF Price Analysis: Technical Outlook

The USD/CHF daily chart on Wednesday shows the pair with a neutral bias to the downside, and it is worth noting that the major previously tested the weekly high around 0.9633, but broad US dollar weakness capped the rally. of USD/CHF prices.

Meanwhile, the USD/CHF four-hour scale shows that the pair is consolidating above the 20 EMA and the daily pivot point, each at 0.9576 and 0.9574, respectively. Furthermore, the 200 EMA at 0.9612 is acting as resistance, keeping USD/CHF prices subdued and unable to break the daily high at 0.9630.

A clear break above the 200 EMA would open the door for a test of Wednesday’s high at 0.9630, which once broken, the major could rally to the R1 pivot point at 0.9668. A break above would expose the confluence of the 50 and 100 EMAs at 0.9700.

On the other hand, the first support for the USD/CHF would be the confluence of the 20 EMA and the central pivot at 0.9574-76. A break of the latter would expose the S1 pivot at 0.9515, followed by the 13 Sep low at 0.9479, followed by the S2 pivot point at 0.9421.

Technical levels

USD/CHF

Panorama
Last Price Today 0.9616
Today’s Daily Change 0.0000
Today’s Daily Change % 0.00
Today’s Daily Opening 0.9616
Trends
20 Daily SMA 0.968
50 Daily SMA 0.9648
100 Daily SMA 0.9693
200 Daily SMA 0.9478
levels
Previous Daily High 0.9634
Previous Daily Minimum 0.948
Previous Maximum Weekly 0.987
Previous Weekly Minimum 0.9547
Monthly Prior Maximum 0.9808
Previous Monthly Minimum 0.9371
Daily Fibonacci 38.2% 0.9575
Daily Fibonacci 61.8% 0.9538
Daily Pivot Point S1 0.9519
Daily Pivot Point S2 0.9422
Daily Pivot Point S3 0.9365
Daily Pivot Point R1 0.9673
Daily Pivot Point R2 0.973
Daily Pivot Point R3 0.9827

Source: Fx Street

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