USD/CHF Price Analysis: Pokes 50-SMA hurdle below 0.9400 ahead of Swiss inflation release

USD/CHF picks up bids to pare the biggest daily loss in a month.
Bearish MACD signals, 50-SMA challenge recovery moves after snapping two-week uptrend.
One-month-old ascending support line, 100-SMA lures sellers during fresh declines.

Anil Panchal FXStreet

USD/CHF struggles to defend the corrective bounce from 0.9360 as it jostles with the 50-SMA resistance during early Monday. In doing so, the Swiss currency pair portrays the cautious mood ahead of February’s Consumer Price Index (CPI) data from Switzerland, expected 2.9% YoY versus 3.3% previous readings.

Apart from the pre-data caution, the bearish MACD signals and a one-week-old horizontal resistance near 0.9430 also challenge the USD/CHF buyers.

Following that, the monthly high surrounding 0.9440 can act as a validation point for the rally targeting a late November 2022 swing high of near the 0.9600 threshold.

On the flip side, the 23.6% Fibonacci retracement of the pair’s February month upside, near 0.9350 restricts the immediate downside of the USD/CHF pair.

Even if the quote remains weak past 0.9350, an upward-sloping support line from early February and the 100-DMA, respectively near 0.9340 and 0.9300, may act as the last defense of the USD/CHF buyers.

Should the pair trade southwards past 0.9300, lows marked during February 2023, around 0.9135 and 0.9060, will be in focus.

Overall, USD/CHF is likely to remain on the bear’s radar unless the quote remains successfully above 0.9430.

USD/CHF: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.9369
Today Daily Change	0.0007
Today Daily Change %	0.07%
Today daily open	0.9362

Trends
Daily SMA20	0.9292
Daily SMA50	0.9261
Daily SMA100	0.9435
Daily SMA200	0.9567

Levels
Previous Daily High	0.9424
Previous Daily Low	0.9359
Previous Weekly High	0.944
Previous Weekly Low	0.9342
Previous Monthly High	0.9429
Previous Monthly Low	0.9059
Daily Fibonacci 38.2%	0.9384
Daily Fibonacci 61.8%	0.9399
Daily Pivot Point S1	0.9339
Daily Pivot Point S2	0.9317
Daily Pivot Point S3	0.9274
Daily Pivot Point R1	0.9404
Daily Pivot Point R2	0.9447
Daily Pivot Point R3	0.947

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.