#USDCHF @ 0.92845 is struggling to capture 0.9300 despite downbeat market sentiment. (Pivot Orderbook analysis)

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• USD/CHF is struggling to capture 0.9300 despite downbeat market sentiment.
• S&P500 faced intense selling pressure amid mounting recession risks.
• SNB Jordan hiked interest rates by 50 bps, as expected, to 1% to keep inflation stable at around 2%.

The pair currently trades last at 0.92845.

The previous day high was 0.9298 while the previous day low was 0.9216. The daily 38.2% Fib levels comes at 0.9247, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9266, expected to provide support.

The USD/CHF pair has been struggling to sustain above the immediate hurdle of 0.9300 in the early Asian session. The Swiss Franc major asset witnessed a strong reversal in the New York session amid negative market sentiment, which improved the appeal for safe-haven assets. At the press time, the major has dropped to near 0.9276 but is expected to find support ahead.

S&P500 faced severe pressure on Thursday amid mounting recession risk as an interest rate peak projection above 5% is sufficient to create havoc among firms that are debt-laden. Also, companies would prefer to postpone their expansion plans to dodge higher interest obligations. No doubt, the United States Consumer Price Index (CPI) data has softened but the battle against stubborn inflation is far from over.

The US Dollar Index (DXY) has corrected marginally after a rally to near 104.80. The corrective move doesn’t seem to be a reversal for now and the USD Index may resume its upside journey ahead. Meanwhile, the 10-year US Treasury yields are continuously facing pressure and have dropped to near 3.45%.

The asset displayed some volatility on Thursday after the Swiss National Bank hiked its interest rates by 50 basis points (bps), as expected, to 1%. SNB Chairman Thomas J. Jordan is required to avoid sheer divergence in the policy rate with European Central Bank (ECB). Also, Switzerland’s inflation rate is comfortably above 2%, which is needed to remain stable.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.928 at the time of writing. Pair opened at 0.9237 and is trading with a change of 0.47 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9429, 50 SMA 0.9703, 100 SMA @ 0.9682 and 200 SMA @ 0.9647.

The previous day high was 0.9298 while the previous day low was 0.9216. The daily 38.2% Fib levels comes at 0.9247, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9266, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9202, 0.9168, 0.912
• Pivot resistance is noted at 0.9284, 0.9332, 0.9366

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