#USDCHF @ 098200 is juggling in a 16-pips range as the focus shifts to US NFP data, Pivot Orderbook analysis

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• USD/CHF is juggling in a 16-pips range as the focus shifts to US NFP data.
• Investors should brace for a third consecutive 75 bps rate hike by the Fed.
• Less-than-expected Real Retail Sales data have weakened the Swiss franc.

The pair currently trades last at 0.98200.

The previous day high was 0.9808 while the previous day low was 0.9727. The daily 38.2% Fib levels comes at 0.9777, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9758, expected to provide support.

The USD/CHF pair is displaying back-and-forth moves in a narrow range of 0.9807-0.9823 in the Asian session. The asset has witnessed a time-based correction after printing a fresh six-week high at 0.9861. The pair is expected to resume its upside journey as the US dollar index (DXY) is displaying a stellar performance on a broader note.

Inflationary pressures in the US economy have already displayed signs of exhaustion after overstepping 9% for once as the inflation rate has scaled down to 8.5% in its prior reading. However, the ongoing rate is still extremely far from the desired rate of the Federal Reserve (Fed), which is 2%.

Therefore, the Fed will continue its path of hiking interest rates and a third consecutive rate hike by 75 basis points (bps) is highly likely in September monetary policy meeting.

In today’s session, investors’ entire focus will be on the more comprehensive and considered US Nonfarm Payrolls (NFP) data, which is expected to land at 300k for August vs. 528k, recorded in July.

Earlier, the US Automatic Data Processing (ADP) reported 132k job additions with the deployment of unconventional methodology for employment scrutiny. Considering the cues from US ADP, a vulnerable performance is expected from the US NFP data ahead.

Meanwhile, less-than-expected Real Retail Sales data have weakened the Swiss franc. The economic data landed at 2.6%, lower than the consensus of 3.3% but remained higher than the prior release of 0.7%. Also, the Consumer Price Index (CPI) has improved to 3.5% against expectations and the former print of 3.4% on an annual basis.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9818 at the time of writing. Pair opened at 0.9778 and is trading with a change of 0.41 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9581, 50 SMA 0.9625, 100 SMA @ 0.9675 and 200 SMA @ 0.9456.

The previous day high was 0.9808 while the previous day low was 0.9727. The daily 38.2% Fib levels comes at 0.9777, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9758, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9734, 0.969, 0.9653
• Pivot resistance is noted at 0.9815, 0.9852, 0.9896

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