The USD/CHF pair remains stable around 0.8950 as the US Dollar loses momentum following a recent six-month high.

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• USD/CHF trades sideways around 0.8950 as the US Dollar turns subdued after refreshing a six-month high.

The pair currently trades last at 0.89551.

The previous day high was 0.8971 while the previous day low was 0.8915. The daily 38.2% Fib levels comes at 0.8949, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8936, expected to provide support.

The USD/CHF pair trades directionless around 0.8950 in the European session. The Swiss Franc asset struggles to find a decisive move as investors shift focus to the interest rate decision by the Federal Reserve (Fed) and the Swiss National Bank (SNB), which will be announced next week.

S&P500 futures added some gains in the London session, portraying ease in the risk-off profile after upbeat Chinese economic data receded worries about a global economic slowdown. China’s annual Industrial Production rose by 4.5% and Retail Sales expanded by 4.6%, outperformed expectations.

The US Dollar Index (DXY) corrected gradually to near 105.20 from its six-month high of 105.43 amid some improvement in the risk appetite of the market participants. The US Dollar failed to capitalize on strong Retail Sales data for August as it was majorly driven by higher gasoline prices. Meanwhile, US President Joe Biden vowed to bring down gasoline prices, which rose 106% in August.

After stickier headline consumer inflation and Producer Price Index (PPI), investors see the impact of rising gasoline prices limited on inflation, which would discourage Fed policymakers from discussing more interest rate hikes for the remainder of 2023.

On the Swiss Franc front, investors keenly focus on the SNB monetary policy, which will be announced on Thursday. The SNB is expected to maintain a hawkish tone as inflation in the Swiss economy has not come confidently below 2%. SNB Chairman Thomas J. Jordan already conveyed that the consequences of higher inflation are worse than the repercussions of a lower price index.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8954 at the time of writing. Pair opened at 0.8956 and is trading with a change of -0.02 % .

The pair is trading above its 20 Daily moving average @ 0.886, above its 50 Daily moving average @ 0.8774 , above its 100 Daily moving average @ 0.888 and below its 200 Daily moving average @ 0.9044

The previous day high was 0.8971 while the previous day low was 0.8915. The daily 38.2% Fib levels comes at 0.8949, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8936, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8924, 0.8891, 0.8868
• Pivot resistance is noted at 0.898, 0.9003, 0.9036

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