USD/CHF continues to advance as the USD remains resilient

USD/CHF rose to 0.8925, up by 0.20% daily.
Switzerland Unemployment data from August didn’t show any surprises.
Hawkish bets on the Fed boosts the USD

Patricio Martín FXStreet

On Thursday, the USD/CHF continued to gain ground, driven by a strong USD whose DXY index traded at highs since March above 105.00.

On the data front, the US reported that Initial Jobless Claims came in lower than expected in the first week of September, with the headline figure at 216,000, lower than the expected figure of 234,000 and decelerating from the previous 229,000. On the Swiss side, the Unemployment rate came in at 2.1% in August, matching the consensus.

What’s strengthening the USD seems to be investors placing hawkish bets on the Federal Reserve (Fed) due to the continuing favourable reports of the US economic activity. Despite US Treasury yields decreasing, the CME FedWatch tool suggests that swaps markets are pricing in higher probabilities of nearly 40% of a 25 basis point (bps) hike by the Fed in the November and December meetings.

USD/CHF Levels to watch

The daily chart analysis shows that the short-term outlook for USD/CHF appears bullish. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) maintain favourable positions, with the RSI above its midline and displaying an upward trend and the MACD exhibiting green bars. In addition, the pair is above the 20 and 100-day Simple Moving Averages (SMAs), but below the 200-day SMA, pointing towards the prevailing strength of the bulls in the larger context.

Support levels: 0.8900, 0.8877 (100-day SMA), 0.8850.

Resistance levels: 0.8950, 0.9000, 0.9030.

USD/CHF Daily Chart

USD/CHF

Overview
Today last price	0.8928
Today Daily Change	0.0016
Today Daily Change %	0.18
Today daily open	0.8912

Trends
Daily SMA20	0.8816
Daily SMA50	0.8779
Daily SMA100	0.8879
Daily SMA200	0.9058

Levels
Previous Daily High	0.8945
Previous Daily Low	0.8881
Previous Weekly High	0.8865
Previous Weekly Low	0.8745
Previous Monthly High	0.8876
Previous Monthly Low	0.869
Daily Fibonacci 38.2%	0.8921
Daily Fibonacci 61.8%	0.8906
Daily Pivot Point S1	0.888
Daily Pivot Point S2	0.8849
Daily Pivot Point S3	0.8817
Daily Pivot Point R1	0.8944
Daily Pivot Point R2	0.8976
Daily Pivot Point R3	0.9007

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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