The USDCHF pair is currently trading at 0.87746 and has been moving within a limited range around the 0.8770 level.

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• USD/CHF remains confined in a narrow range near the 0.8770 area.

The pair currently trades last at 0.87746.

The previous day high was 0.8781 while the previous day low was 0.8735. The daily 38.2% Fib levels comes at 0.8753, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8763, expected to provide support.

The USD/CHF pair remains range-bound around 0.8770 during the early Asian session on Monday. Meanwhile, the US Dollar Index (DXY), a measure of the value of USD against six other major currencies, extends its upside just below 103.00 and trades in a weekly positive note for four weeks in a row. The major remains capped around the 0.8800 barrier ahead of the Swiss Producer and Import Price Index for July.

On Friday, the US Bureau of Labour Statistics revealed that the US Producer Price Index (PPI) for final demand YoY rose 0.8% in July from 0.1% in June. The figure was higher than the market expectation of 0.7%. Additionally, the University of Michigan’s (UoM) Consumer Confidence Index for July fell to 71.2 from 71.6, better than 71 expected. Finally, UoM 5-year Consumer Inflation Expectations declined to 2.9% for August versus 3.0% estimated and prior.

On the Swiss front, investors worry about the exacerbated trade war tensions between the US and China, the world’s two largest economies. Following President Joe Biden’s decision to limit certain US technology investments in China, US investors expressed concern that Beijing might retaliate or refrain from purchasing American technology. Investors will keep an eye on the headlines in the US-China relationship. The renewed tension might benefit the safe-haven Swiss Franc and act as a headwind for the USD/CHF pair.

Last week, the Swiss Unemployment Rate came in at 1.9% in July, matching expectations. The figure remained unchanged compared to the June reading and marked its lowest level since October 2022.

Moving on, the release of US Retail Sales will be due on Tuesday. The figure is expected to rise from 0.2% to 0.4% on a monthly basis. Market participants will closely watch the FOMC minutes and the Fed officials’s comments for the Jackson Hole Symposium. Also, the Swiss Producer and Import Prices (YoY) for July will be released later this week. Traders will take cues from the data and find trading opportunities around the USD/CHF pair.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8769 at the time of writing. Pair opened at 0.8765 and is trading with a change of 0.05 % .

The pair is trading above its 20 Daily moving average @ 0.8697, below its 50 Daily moving average @ 0.8842 , below its 100 Daily moving average @ 0.8921 and below its 200 Daily moving average @ 0.9124

The previous day high was 0.8781 while the previous day low was 0.8735. The daily 38.2% Fib levels comes at 0.8753, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8763, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.874, 0.8715, 0.8695
• Pivot resistance is noted at 0.8786, 0.8806, 0.8831

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