The USDCHF currency pair advanced further and climbed close to 0.8988 from its previous level at 0.89790.

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• USD/CHF continued stepping forward and rose near 0.8988.

The pair currently trades last at 0.89790.

The previous day high was 0.8982 while the previous day low was 0.8954. The daily 38.2% Fib levels comes at 0.8965, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8972, expected to provide support.

On Tuesday, the USD/CHF continued gaining ground, increasing to 0.8980, and already tallied a 1.60% monthly gain. On the one hand, the Swiss National Bank is expected to deliver its last rate hike from this tightening cycle to 2%, while the Federal Reserve’s (Fed) cycle isn’t done yet.

In line with that, the Federal Open Market Committee (Fed), two-meeting kicked off on Tuesday and ended on Wednesday with the announcement of the monetary policy decision. It is widely expected that the Fed will hold rates steady at the 5.25-5.50% range but will hint at further rate hikes being necessary. Economic activity in the US was seen holding resilient, and as the Fed is expecting the economy to cool down, one last hike may be appropriate. In that sense, as investors discount that the Swiss National Bank (SNB) will end its last hike on Thursday, monetary policy divergences may continue pushing the pair upwards.

On the data front, the US reported that Building Permits accelerated to 1.543M in August, beating the expected and previous figures, while Housing Starts slightly decelerated to 1.283M.

The daily chart analysis indicates a bullish outlook for the USD/CHF in the short term. The Relative Strength Index (RSI) is above its midline in positive territory, with a positive slope near 70, aligning with the positive signal from the Moving Average Convergence Divergence (MACD), which displays green bars, reinforcing the strong bullish sentiment. Plus, a bullish crossover between the 20 and 100-day Simple Moving Average (SMA) was recorded at the 0.8885 area, which could further boost the pair.

Support levels: 0.8950, 0.8900, 0.8885.

Resistance levels: 0.8985, 0.9000, 0.9038 (200-day SMA)

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8979 at the time of writing. Pair opened at 0.897 and is trading with a change of 0.1 % .

The pair is trading above its 20 Daily moving average @ 0.8877, above its 50 Daily moving average @ 0.8778 , above its 100 Daily moving average @ 0.888 and below its 200 Daily moving average @ 0.904

The previous day high was 0.8982 while the previous day low was 0.8954. The daily 38.2% Fib levels comes at 0.8965, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8972, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8955, 0.8941, 0.8927
• Pivot resistance is noted at 0.8984, 0.8997, 0.9012

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