The USDCHF pair remains stable at a price of 0.88428, hovering around the level of 0.8850 while waiting for the release of US labor market data.

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• USD/CHF continues to trade sideways around 0.8850 ahead of US labor market data.

The pair currently trades last at 0.88428.

The previous day high was 0.8865 while the previous day low was 0.8818. The daily 38.2% Fib levels comes at 0.8836, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8847, expected to provide resistance.

The USD/CHF pair is consolidating around 0.8850 from Monday as investors need fresh status about the United States labor market for further action. The Swiss Franc asset is awaiting the Employment Change data for August to be reported by Automatic Data Processing (ADP), which will be published on Wednesday at 12:15 GMT.

S&P500 futures remain subdued in the London session, portraying a quiet market mood ahead of labor market data. August labor market data carries huge importance as Federal Reserve (Fed) Chair Jerome Powell at the Jackson Hole Symposium that inflation is getting more responsive to the job market. Also, Fed Powell reiterated that further policy action will be dependent on incoming data.

Market participants expect that US hiring momentum has slowed down as firms are operating at lower operating capacity due to a poor demand outlook. As per the estimates, the US private sector recorded fresh payrolls of 195K, significantly lower than July’s reading of 324K. Higher-than-expected labor force addition would indicate that the labor market has not lost its resilience and inflation could remain stubborn ahead.

Meanwhile, investors are also focusing on US Commerce Minister Gina Raimondo’s visit to China. Raimondo said the administration is aware of challenges and he is very optimistic about US-China ties. While, China’s Premier Li Qiang said, “sound economic and trade relationship will not only be beneficial for our two countries, but for the entire world.”

On the Swiss Franc front, investors await the ZEW – Survey Expectations for August, which will be released on Wednesday. As per expectations, business conditions, employment conditions, and other elements affecting the day-to-day running of a business in Switzerland are improving. The sentiment indicator is seen at 31.3 vs. the former reading of -32.6. It seems that easing inflationary pressures due to higher interest rates by the Swiss National Bank (SNB) are improving recurring operations of Swiss business.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8839 at the time of writing. Pair opened at 0.8839 and is trading with a change of 0.0 % .

The pair is trading above its 20 Daily moving average @ 0.8783, above its 50 Daily moving average @ 0.8795 , below its 100 Daily moving average @ 0.8887 and below its 200 Daily moving average @ 0.908

The previous day high was 0.8865 while the previous day low was 0.8818. The daily 38.2% Fib levels comes at 0.8836, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8847, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8816, 0.8794, 0.877
• Pivot resistance is noted at 0.8863, 0.8887, 0.891

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