USD/CHF Price Analysis: Range-bound within 0.9150-0.9200 after US jobs report

The USD/CHF eyes to finish the week with losses, down 1.03%.
Global equity indices record losses on a busy week impacted by economic data and geopolitical news.
USD/CHF Technical Outlook: Neutral biased, confirmed by the DMAs with an almost horizontal slope confined to a 15-pip range.

Christian Borjon Valencia FXStreet

The USD/CHF climbs for the third day in the week, but it would end the week in the red following Monday’s 1% loss, which pushed the USD/CHF below the daily moving averages (DMAs). All that amid a risk-off market mood, portrayed by global equities recording losses, blamed on Ukraine-Russia’s tussles. At the time of writing, the USD/CHF is trading at 0.9188

In the meantime, the US Dollar Index, which reached a new YTD high around 98.992, aimed higher, 0.85%, sitting at 98.62, while US Treasury yields dropped amid a safe-haven bid.

US Labor market crushed expectations, green light for a Fed rate hike

On Friday, the US Department of Labor reported that the US economy added 678K new jobs in February, higher than the 400K foreseen. Also, the Unemployment Rate ticked lower, while average hourly earnings edged slightly down.

USD/CHF Price Forecast: Technical outlook

The USD/CHF is neutral biased, and one could argue that neutral-downward because the daily moving averages (DMAs) reside above the spot price. However, the almost flat slope and confined to within a 14-pip range keeps traders indecisive on which path to take.

Putting the DMA’s aside, upwards, the USD/CHF first resistance would be 0.9200. Once that level is cleared, the next supply zone would be the 0.9260-75 area and the 0.9300 mark. On the flip side, the 0.9150 February 21 daily low would be the first support, followed by December 31, 2021, daily low at 0.9102.

USD/CHF

Overview
Today last price	0.9188
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.9188

Trends
Daily SMA20	0.9223
Daily SMA50	0.9201
Daily SMA100	0.9207
Daily SMA200	0.9187

Levels
Previous Daily High	0.9217
Previous Daily Low	0.9179
Previous Weekly High	0.9289
Previous Weekly Low	0.915
Previous Monthly High	0.9297
Previous Monthly Low	0.915
Daily Fibonacci 38.2%	0.9194
Daily Fibonacci 61.8%	0.9202
Daily Pivot Point S1	0.9172
Daily Pivot Point S2	0.9157
Daily Pivot Point S3	0.9135
Daily Pivot Point R1	0.921
Daily Pivot Point R2	0.9232
Daily Pivot Point R3	0.9248

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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