#USDCHF @ 0.92280 is hovering around 0.9220 as investors await US inflation for making informed decisions. (Pivot Orderbook analysis)

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• USD/CHF is hovering around 0.9220 as investors await US inflation for making informed decisions.
• Less-hawkish commentary from Fed Daly kept reins in the US equities.
• Only a stronger-than-expected US CPI would avoid a slide to fresh lows for the USD Index.

The pair currently trades last at 0.92280.

The previous day high was 0.9283 while the previous day low was 0.9167. The daily 38.2% Fib levels comes at 0.9211, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9239, expected to provide resistance.

The USD/CHF pair is demonstrating a balanced profile around 0.9220 in the early Asian session. The Swiss franc asset has turned sideways as the market participants are awaiting the release of the United States inflation data for fresh cues.

Meanwhile, the risk profile is displaying mixed signals as S&P500 futures remained in the bullish trajectory on Tuesday but risk-perceived currencies showed a subdued performance. US equities picked strength after San Francisco Federal Reserve (Fed) President Mary Daly told the Wall Street Journal (WSJ) she would pay close attention to the Consumer Price Index (CPI) data and that both options of 25- and 50-basis point hikes are open for February monetary policy meeting.

The US Dollar Index (DXY) remained topsy-turvy below the immediate resistance of 103.00 ahead of the US Consumer Price Index (CPI) data. Meanwhile, the demand for US government bonds trimmed as the Fed is still subjected to combat inflation firmly despite a drop in wage growth. The 10-year US Treasury yields have escalated to 3.61%.

Meanwhile, the absence of economic events in the Swiss franc calendar is going to keep investors focused on events in the United States for further action in the Swiss Franc asset.

As per the consensus, the headline CPI will drop to 6.5% while the core inflation that doesn’t inculcate food and energy prices may scale lower to 5.7%. The US Dollar Index is oscillating around its seven-month lows and further downside seems favored. According to the economists at MUFG Bank, only a stronger-than-expected US Consumer Price Index (CPI) on Thursday would avoid a slide to fresh lows for the USD Index.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9222 at the time of writing. Pair opened at 0.9212 and is trading with a change of 0.11 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.929, 50 SMA 0.9458, 100 SMA @ 0.9639 and 200 SMA @ 0.9645.

The previous day high was 0.9283 while the previous day low was 0.9167. The daily 38.2% Fib levels comes at 0.9211, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9239, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9158, 0.9105, 0.9042
• Pivot resistance is noted at 0.9274, 0.9337, 0.939

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