The USDCHF currency pair climbed to around 0.8840, marking a 0.70% increase in daily gains.

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• USD/CHF rose near 0.8840, tallying 0.70% daily gains.

The pair currently trades last at 0.88468.

The previous day high was 0.8817 while the previous day low was 0.8774. The daily 38.2% Fib levels comes at 0.8791, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8801, expected to provide support.

In Thursday’s session, the USD/CHF gained ground near 0.8840 and seems en route to the 100-day Simple Moving Average (SMA) at 0.8890. On the US side, strong Jobless Claims figure and higher US yields traction the USD while the Swiss calendar had nothing relevant to offer.

Ahead of Jerome Powell’s speech on Friday at the Jackson Hole Symposium, the US reported lower-than-expected Jobless Claims from the second week of August. As a reaction, the US Treasury yields are rising, making the USD gain interest. In that sense, lower people filing for unemployment benefits indicates a robust labour market that could give the Federal Reserve (Fed) the green light to remain hawkish.

On the other hand, Thomas Barkin stated that the Fed has already done enough and that the sooner inflation comes down, the sooner the bank will start cutting rates. That said, Chair Powell’s words will be the highlight for investors to continue modelling their expectations towards the Fed’s next moves.

The technical analysis of the daily chart suggests a neutral to bullish stance for USD/CHF as the bulls are recovering their ground. With an upward trend above its midline, the Relative Strength Index (RSI) points towards a rising bullish sentiment, while the Moving Average Convergence (MACD) histogram presents increasing green bars. On the broader scale, the pair is above the 20-day Simple Moving Average (SMA), but below the 100 and 200-day SMAs, indicating that the bulls aren’t done yet and that the outlook is still tilted to the upside for the short term.

Support levels: 0.8800, 0.8760 (20-day SMA), 0.8750.

Resistance levels: 0.8890 (100-day SMA), 0.8900, 0.8950.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8843 at the time of writing. Pair opened at 0.8781 and is trading with a change of 0.71 % .

The pair is trading above its 20 Daily moving average @ 0.8762, above its 50 Daily moving average @ 0.8801 , below its 100 Daily moving average @ 0.8894 and below its 200 Daily moving average @ 0.909

The previous day high was 0.8817 while the previous day low was 0.8774. The daily 38.2% Fib levels comes at 0.8791, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8801, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8764, 0.8747, 0.8721
• Pivot resistance is noted at 0.8807, 0.8834, 0.8851

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