The USDCHF pair is currently trading around 0.87612 and experiencing gains, particularly in the 0.8760 region. The buyers are gaining strength and regaining momentum.

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• USD/CHF trades with gains near the 0.8760 area, and bulls are recovering momentum.

The pair currently trades last at 0.87612.

The previous day high was 0.8774 while the previous day low was 0.8718. The daily 38.2% Fib levels comes at 0.8752, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8739, expected to provide support.

On Tuesday, the USD/CHF traded with gains for a consecutive day. The USD is gaining ground against its rivals due to a cautious market mood while markets try deciphering Federal Reserve (Fed) officials’ mixed messages. On the Swiss side, no relevant data will be released during the session.

Federal Reserve officials are conveying conflicting messages to the markets. Michelle Bowman has indicated that further rises will likely be necessary, whereas John Williams has expressed that upcoming Federal Reserve choices remain uncertain. On Tuesday, Thomas Barking stated that he is not sure where the rates in the US will go, while Patrick Harker sounded a bit more hawkish, showing himself concerned with inflation not cooling down.

Meanwhile, as per the CME FedWatch tool, investors remain confident that the Federal Reserve won’t hike in the remainder of 2023. They are discounting low odds of 14% of an increase in September and a 30% probability of a hike in November.

For the rest of the week, the highlight is the release of inflation data on Thursday, with the Headline Consumer Price Index (CPI) index expected to accelerate to 3.3% YoY and the Core CPI, which is seen falling to 4.7% in the same month. In that sense, inflation data will be key for investors to place their bets regarding the next Federal Reserve (Fed) decision.

According to the daily chart, the outlook for the USD/CHF is neutral to bullish for the short term as the bulls are gaining momentum but still have some work to do. The Relative Strength Index (RSI) has turned flat above its midline, while the Moving Average Convergence (MACD) histogram exhibits more oversized green bars. However, on the broader scale, the pair remains below the 100 and 200-day Simple Moving Averages (SMA), suggesting that the bears have the upperhand in the long term.

Support levels: 0.8673 (20-day SMA), 0.8650, 0.8600.
Resistance levels: 0.8780, 0.8800, 0.8825.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.876 at the time of writing. Pair opened at 0.8729 and is trading with a change of 0.36 % .

The pair is trading above its 20 Daily moving average @ 0.8677, below its 50 Daily moving average @ 0.8867 , below its 100 Daily moving average @ 0.8938 and below its 200 Daily moving average @ 0.9149

The previous day high was 0.8774 while the previous day low was 0.8718. The daily 38.2% Fib levels comes at 0.8752, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8739, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8707, 0.8684, 0.8651
• Pivot resistance is noted at 0.8762, 0.8796, 0.8818

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