The USDCHF currency pair is staying steady near the level of 0.8970, as market sentiment remains cautious.

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• USD/CHF remains flat around 0.8970 amid the cautious mood.

The pair currently trades last at 0.89748.

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.

The USD/CHF pair trades sideways around 0.8970 during the early Asian trading hours on Tuesday. Meanwhile, the US Dollar Index (DXY), a measure of the value of USD against six other major currencies, faces some follow-through selling but still holds above 105.10. Markets prefer to wait on the sidelined ahead of the interest rate policy announcement from the Federal Reserve (Fed) and the Swiss National Bank (SNB) on Wednesday and Thursday, respectively.

The Federal Reserve (Fed) is scheduled to announce the two-day monetary policy meeting on Wednesday and is widely expected to pause interest rates. The Fed is not expected to surprise the markets, with the odds of keeping rates unchanged at 99%. However, the possibility of its November meeting dropped below 30%, according to the CME Fedwatch Tool. This, in turn, could drag the US Dollar lower against its rivals and act as a headwind for the USD/CHF pair. Traders will closely monitor the press conference of Federal Reserve Chairman Jerome Powell, which might provide clues about the future path of interest rates.

On the Swiss front, the Swiss National Bank (SNB) is expected to raise additional interest rates by 25 basis points (bps) from 1.75% to 2% on Thursday. The Swiss central bank is expected to keep its restrictive stance in place to ensure price stability as the latest nation’s inflation showed a 1.6% YoY increase, which is still below the 2% target.

Apart from this, US Secretary of State Antony Blinken met with Chinese Vice President Han Zheng on the sidelines of the United Nations General Assembly on Monday. The US State Department stated that the discussion was “a candid and constructive discussion.” Traders will keep an eye on the headlines surrounding the US-China relationship. That said, the renewed trade war tension between the US and China might benefit the traditional safe-haven CHF and act as a headwind for USD/CHF.

Later in the day, the Swiss Trade Balance, the US Housing Starts, and US Building Permits will be released. Market players will closely monitor the Fed interest rate decision on Wednesday ahead of the SNB meeting on Thursday. These events could trigger the volatility in the market and give a clear direction for the USD/CHF pair.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.897 at the time of writing. Pair opened at 0.897 and is trading with a change of 0.0 % .

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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