#USDCHF is maintaining its position above the previous gains as it prepares for the release of US economic data.

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• USD/CHF consolidates above the previous gains ahead of US economic data.

The pair currently trades last at 0.89192.

The previous day high was 0.8934 while the previous day low was 0.8902. The daily 38.2% Fib levels comes at 0.8922, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8914, expected to provide support.

USD/CHF trades sideways around 0.8920 during the early trading hours of the European session on Wednesday, attempting to extend gains on the second day. The pair is experiencing upward support due to the recovery in the US Dollar (USD).

US Dollar Index (DXY) retraces the losing streak, which assesses the performance of the US Dollar (USD) against a basket of the other major six currencies. Spot price beats higher at around 104.80.

Additionally, the improved US Treasury yields contributed support to underpin the USD/CHF pair, coupled with the market caution ahead of the release of Consumer Price Index (CPI) data from the United States (US). The yield on the US 10-year bond improved to 4.29% at the time of writing.

Higher inflation figures would be an added factor to the prevailing hawkish sentiment surrounding the odds of further monetary tightening by the US Federal Reserve (Fed) through the end of the year 2023.

Moreover, the expectation that the Fed will keep interest rates at higher levels for an extended period can help the Greenback to maintain higher levels. The USD strength can be attractive to bulls.

US CPI is expected to exhibit a 0.5% month-on-month improvement from the previous month’s reading of 0.2%. Moreover, the Core CPI figure is anticipated to remain steady at 0.2%. These figures may provide a clearer picture of inflation scenarios in the US economy and can have a significant impact on market sentiment and trading decisions about the USD/CHF pair.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8918 at the time of writing. Pair opened at 0.8913 and is trading with a change of 0.06 % .

The pair is trading above its 20 Daily moving average @ 0.8845, above its 50 Daily moving average @ 0.8775 , above its 100 Daily moving average @ 0.8879 and below its 200 Daily moving average @ 0.9048

The previous day high was 0.8934 while the previous day low was 0.8902. The daily 38.2% Fib levels comes at 0.8922, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8914, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8899, 0.8884, 0.8866
• Pivot resistance is noted at 0.8931, 0.8949, 0.8963

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