#USDCHF @ 0.95443 USDCHF is struggling to overstep a 10-day high at 0.9570 as focus shifts to US Durable Goods Orders data. (Pivot Orderbook analysis)

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• USDCHF is struggling to overstep a 10-day high at 0.9570 as focus shifts to US Durable Goods Orders data.
• The US Treasury yields are facing pressure amid less-hawkish commentary from Fed’s Bostic.
• Sustainability in the US Durable Goods Orders data may compel the Fed to sound hawkish again.

The pair currently trades last at 0.95443.

The previous day high was 0.9548 while the previous day low was 0.9498. The daily 38.2% Fib levels comes at 0.9529, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9517, expected to provide support.

The USDCHF has advanced gradually to a near 10-day high of around 0.9570 in the Asian session. The asset is struggling to extend gains ahead as investors are shifting their focus toward the release of the US Durable Goods Orders data, which is due on Wednesday.

The market participants are favoring a risk-aversion theme despite the unavailability of any potential trigger. The US dollar index (DXY) has sensed hurdles around a two-day high at 107.24, however, the upside is still favored. S&P500 futures have witnessed enough heat in Tokyo after a positive functioning on Friday. Meanwhile, the 10-year US Treasury yields have tumbled below 3.80% as investors are not expecting a continuation of bigger rate hike announcements by the Federal Reserve (Fed).

As price pressures have shown immense signs of exhaustion and consumer spending has been trimmed in the US economy, investors believe that ultra-hot inflation is cooling down. Atlanta Federal Reserve (Fed) President Raphael Bostic believes that the spell of 75 basis points (bps) rate hike is terminated and a lower rate hike will be cited in December monetary policy by the US central bank, as reported by Reuters.

Going forward, investors will keep an eye on US Durable Goods Orders data. As per the projections, the economic data is seen stable at 0.4%. Sustainability in the Durable Goods Orders data in times when interest rates are accelerating could create more troubles for Fed chair Jerome Powell. The Fed has been working on keeping the overall demand on a low profile to cool down inflation. This also indicates that households are resorting to higher interest obligations to address their need for durable goods.

On the Swiss franc front, SNB Chairman cleared that monetary policy is still expansionary and ”we have most likely to adjust monetary policy again.” The Swiss central bank is entitled to bring the inflation rate in the 0-2% range and in response to that current monetary policy is restrictive enough to perform the job.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9548 at the time of writing. Pair opened at 0.9539 and is trading with a change of 0.09 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9792, 50 SMA 0.9821, 100 SMA @ 0.9736 and 200 SMA @ 0.9629.

The previous day high was 0.9548 while the previous day low was 0.9498. The daily 38.2% Fib levels comes at 0.9529, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9517, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9509, 0.9479, 0.9459
• Pivot resistance is noted at 0.9558, 0.9578, 0.9608

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