#USDCHF @ 0.99718 is oscillating around 0.9970 as investors have shifted their focus toward the Fed minutes release. (Pivot Orderbook analysis)

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• USD/CHF is oscillating around 0.9970 as investors have shifted their focus toward the Fed minutes release.
• JP Morgan Chase has warned of a recession situation in the US economy in the coming six to nine months.
• SNB Jordan’s speech-infused strength in Swiss franc bulls has faded.

The pair currently trades last at 0.99718.

The previous day high was 1.0011 while the previous day low was 0.9932. The daily 38.2% Fib levels comes at 0.9981, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9962, expected to provide support.

The USD/CHF pair is displaying back-and-forth moves in a narrow range of 0.9960-0.9979 in the early Asian session as investors are awaiting the release of the Federal Reserve (Fed) minutes ahead. The pair has turned sideways after witnessing a responsive buying action to near 0.9920 as the risk-off profile found its mojo back.

Late night sell-off in the S&P500 after picking bids cleared that bulls are not ready to take off yet. This supported the US dollar index (DXY) to recover the majority of its losses. At the time of writing, the DXY has rebounded firmly to near 113.30. Also, the 10-year US Treasury yields recovered sharply and are playing around the 4% figure.

The greenback bulls are performing strongly despite the accelerating odds of a recession ahead. Chairman and CEO of JPMorgan Chase, Jamie Dimon, has warned that the US economy could slip into recession in the coming six to nine months. He further added that the Eurozone is already in recession and it may put the mighty US into recession too. He has cited soaring inflation and interest rates, and the war situation as responsible for the recession situation ahead, as reported by NewsBytes.

Meanwhile, investors are shifting their focus towards the release of the Fed minutes, which will elaborate the entire gamut of catalysts responsible for choosing a third consecutive 75 basis points (bps) rate hike. Adding to that, further guidance over policy tightening will be of utmost importance.

On the Swiss franc front, bulls got strengthened after the hawkish commentary from Swiss National Bank (SNB) Chairman Thomas J. Jordan at the IMF meeting in Washington. SNB policymaker cited that the central bank has a clear focus on bringing price stability back to the target by tightening the financial conditions, reported Bloomberg. Although, the strength in the Swiss franc bulls has faded now.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9968 at the time of writing. Pair opened at 0.9999 and is trading with a change of -0.31 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9784, 50 SMA 0.9687, 100 SMA @ 0.9684 and 200 SMA @ 0.9535.

The previous day high was 1.0011 while the previous day low was 0.9932. The daily 38.2% Fib levels comes at 0.9981, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9962, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9951, 0.9902, 0.9872
• Pivot resistance is noted at 1.0029, 1.0059, 1.0107

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