The USDCHF pair is currently trading at 0.85721 and is staying within a small range of 0.8585-0.8575.

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• USD/CHF consolidates in a narrow range between 0.8585-0.8575.

The pair currently trades last at 0.85721.

The previous day high was 0.8614 while the previous day low was 0.8567. The daily 38.2% Fib levels comes at 0.8596, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8585, expected to provide resistance.

The USD/CHF pair remains confined in a narrow trading band around 0.8580 during the early Asian session on Thursday. The cooling inflation data and downbeat US housing data undermine the US Dollar and act as a headwind for the USD/CHF pair.

On Wednesday, US Housing Starts fell 8% MoM in June, following a 15.7% gain (revised from +21.7%) in May and below the market consensus of a 7.2% gain. Meanwhile, Building permits declined 3.7% in June from 5.6% prior (revised).

That said, any meaningful USD rebound from its lowest level since April 2022 appears limited as market participants anticipate that the Federal Reserve (Fed) is nearing the end of its policy tightening cycle and may commit to a more dovish policy stance.

Against this backdrop, the cautious mood in the market surrounding the headline of Sino-US relations could benefit the safe-haven Swiss Franc. China’s Ambassador Xie Feng criticized the US’s consideration of foreign investment and AI chip restrictions. He added that China would retaliate if the US imposed more curbs on its chip sector in Beijing. The renewed tension between the world’s largest economies exerts pressure on the Greenback. This, in turn, attracts follow-through buying for the safe-haven Swiss Franc (CHF).

Looking ahead, market players will keep an eye on the development of Sino-US relations and take cues from the Swiss Trade Balance figure later in the day. The data could be a decisive key driver for the Swiss Franc and help determine the next direction for the USD/CHF pair.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8577 at the time of writing. Pair opened at 0.8585 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 @ 0.8839, 50 SMA 0.8946, 100 SMA @ 0.9016 and 200 SMA @ 0.9232.

The previous day high was 0.8614 while the previous day low was 0.8567. The daily 38.2% Fib levels comes at 0.8596, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8585, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8564, 0.8542, 0.8517
• Pivot resistance is noted at 0.861, 0.8635, 0.8657

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