The USDCHF currency pair is currently trading slightly higher at around 0.8790, marking a third consecutive day of increases.

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• USD/CHF trades with mild gains around 0.8790, tallying a third consecutive day of gains.

The pair currently trades last at 0.87930.

The previous day high was 0.8797 while the previous day low was 0.8744. The daily 38.2% Fib levels comes at 0.8777, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8764, expected to provide support.

The USD/CHF pair trades flat on Wednesday with mild gains near the 0.8790 area. On the USD side, strong Building Permits and Housing starts from July failed to trigger a reaction in the Greenback as markets are focused on the Federal Open Market Committee (FOMC) minutes from the July meeting, to be released later in the session.

As the US economy is holding strong and inflation is decelerating, investors want to see the FOMC member’s stance regarding the following decisions. Jerome Powell stated that the decision will depend on incoming data so the recent data points out that the Federal Reserve (Fed) will probability hike on more time this cycle. In line with that, the odds of a 25 basis point hike in the next November meeting rose nearly to 40% according to the World Interest Rate Possibilities (WIRP) tool.

Analysing the daily chart, the technical outlook for the USD/CHF is neutral to bullish, suggesting that the bulls are gaining momentum but still do not have the upperhand in the short term. The Relative Strength Index (RSI) displays a bullish bias with an ascending slope above its middle point, while the Moving Average Convergence (MACD) shows neutral green bars. To add to that, the pair is above the 20-day Simple Moving Average (SMA) but below the 100 and 200-day SMAs, suggesting that despite the recent bearish sentiment, the bulls are still resilient, holding some momentum but that the bears are in command on the bigger picture.

Support levels: 0.8760, 0.8750, 0.8725 (20-day SMA).

Resistance levels: 0.8790, 0.8800, 0.8815.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8788 at the time of writing. Pair opened at 0.8784 and is trading with a change of 0.05 % .

The pair is trading above its 20 Daily moving average @ 0.8716, below its 50 Daily moving average @ 0.8831 , below its 100 Daily moving average @ 0.8913 and below its 200 Daily moving average @ 0.9113

The previous day high was 0.8797 while the previous day low was 0.8744. The daily 38.2% Fib levels comes at 0.8777, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8764, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8754, 0.8723, 0.8701
• Pivot resistance is noted at 0.8806, 0.8827, 0.8858

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