USDCHF is oscillating around a three-year high at 1.0148 amid a risk-off market mood. (Pivot Orderbook analysis)

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• USDCHF is oscillating around a three-year high at 1.0148 amid a risk-off market mood.
• A better-than-projected US NFP could strengthen the DXY further.
• The DXY is looking to surpass the immediate hurdle of 113.00.

The pair currently trades last at 1.0132.

The previous day high was 1.0041 while the previous day low was 0.9911. The daily 38.2% Fib levels comes at 0.9991, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9961, expected to provide support.

The USDCHF pair is displaying a lackluster performance from the late New York session after a juggernaut rally that pushed the asset to near three-year high at 1.0148. The asset has witnessed a stellar buying interest after overstepping the psychological hurdle of 1.0000.

The greenback bulls enjoyed bids from the market participants as the risk-off profile continued on Thursday. S&P500 faced sheer volatility and dropped more than 1% as hawkish Federal Reserve (Fed) guidance has forced economists to cut their corporate earnings guidance led by higher interest obligations.

Meanwhile, the US dollar index (DXY) is hovering around the 113.00 hurdle and may overstep the same amid a negative market mood. The 10-year US Treasury yields have climbed to 4.15 as the odds of continuation of a bigger rate hike are solid.

Going forward, the US employment data will be of utmost importance. As per the projections, the US Nonfarm Payrolls (NFP) data is seen at 200k, lower than the prior release of 263k. While the jobless rate could increase to 3.6%. It is worth noting that employment opportunities are rising in the US economy but at a declining rate for the past three months, which seems to be the result of accelerating interest rates by the US central bank.

Apart from the payroll additions, the Average Hourly Earnings data holds significant importance. The labor cost data is seen lower at 4.7% vs. the prior release of 5.0%. A decline in earnings could dent households’ sentiment as higher payouts won’t get offset by subdued earnings.

On the Swiss franc front, the headline Consumer Price Index (CPI) has dropped to 3.0% on an annual basis against the projections of 3.25 and the prior release of 3.3%. This may force the Swiss National Bank (SNB) not to turn extremely hawkish on monetary policy ahead.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0132 at the time of writing. Pair opened at 1.0033 and is trading with a change of 0.99 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9978, 50 SMA 0.9835, 100 SMA @ 0.9728 and 200 SMA @ 0.9604.

The previous day high was 1.0041 while the previous day low was 0.9911. The daily 38.2% Fib levels comes at 0.9991, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9961, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9949, 0.9865, 0.9819
• Pivot resistance is noted at 1.0079, 1.0125, 1.0209

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