#USDCHF @ 0.89639 is looking to stretch its upside move above 0.8970 amid a cautious market mood. (Pivot Orderbook analysis)

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• USD/CHF is looking to stretch its upside move above 0.8970 amid a cautious market mood.
• The US debt-ceiling issues are expected to get a constructive outcome by the end of the week.
• Fed Barkin has opened room for more rate hikes while the street is anticipating a steady interest rate policy ahead.

The pair currently trades last at 0.89639.

The previous day high was 0.8988 while the previous day low was 0.8943. The daily 38.2% Fib levels comes at 0.896, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8971, expected to provide resistance.

The USD/CHF pair is looking to stretch its recovery above the immediate resistance of 0.8970 in the Asian session. The Swiss franc asset has rebounded firmly as the US debt-ceiling negotiations for raising the same to avoid the situation of default in augmenting obligated payments by the US treasury have been postponed.

S&P500 futures have added significant gains in early Asia after a bearish Tuesday. Market sentiment is still quite nervous as an absence of a constructive outcome from US debt-ceiling talks has pushed the United States economy further towards recession.

The White House and Republican leaders have admitted that a default that contains approval of a higher borrowing limit without cutting spending cannot be approved. Also, Reuters reported that the meeting ended on an upbeat and unexpected note as McCarthy, coming out of the meeting with Biden and other congressional leaders, said, “It is possible to get a deal by the end of the week.”

The US Dollar Index (DXY) has sensed pressure in extending its recovery above 102.70, however, the upside seems favored after commentary from Federal Reserve (Fed) policymakers. Richmond Fed Bank President Thomas Barkin, cited on Tuesday that he would be comfortable with more interest rate hikes if needed to bring inflation down. The commentary from Fed Barkin has opened room for more rate hikes while the street is anticipating a steady interest rate policy ahead.

Meanwhile, markets in the Swiss economy will remain closed on Wednesday on account of Ascension Day.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8966 at the time of writing. Pair opened at 0.8957 and is trading with a change of 0.1 % .

The pair is trading above its 20 Daily moving average @ 0.8922, below its 50 Daily moving average @ 0.9062 , below its 100 Daily moving average @ 0.9161 and below its 200 Daily moving average @ 0.9412

The previous day high was 0.8988 while the previous day low was 0.8943. The daily 38.2% Fib levels comes at 0.896, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8971, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8937, 0.8917, 0.8892
• Pivot resistance is noted at 0.8982, 0.9008, 0.9027

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