USD/CHF Price Analysis: Remains inside the woods below 0.8800

USD/CHF oscillates in a wide range and fails to find a decisive move despite the US inflation data release.
US monthly inflation grew at a 0.2% pace, in alignment with the Fed’s desired rate of 2%.
The market mood turns cautious as US President authorized a ban on some investments in China in some sensitive technologies.

Sagar Dua FXStreet

The USD/CHF pair stays in a sideways profile below the round-level resistance of 0.8800 in the European session. The Swiss Franc asset struggles to find direction despite lower-than-expected growth in the United States Consumer Price Index (CPI) data for July.

Monthly inflation grew at a 0.2% pace, in alignment with Federal Reserve’s (Fed) desired rate of 2%. The US Dollar Index (DXY) is aiming to resume its upside journey after a sideways performance ahead of US Producer Price Index (PPI) data.

The market mood turns cautious as US President Joe Biden authorized to ban some investments in China in some sensitive technologies in three sectors: semiconductors and microelectronics, quantum information technologies, and certain artificial intelligence systems.

USD/CHF traded directionless from the past week despite slower growth in the US inflation. The major turned sideways after a firmer rally after climbing above the horizontal resistance plotted from July 24 high at 0.8700, which turned into support now. The asset oscillates in a range of 0.8700-0.8783, which indicates volatility contraction.

The pair makes efforts to maintain an auction above the 20-period Exponential Moving Average (EMA) at 0.8760.

Momentum oscillator Relative Strength Index (RSI) (14) trades inside the 40.00-60.00, indicating a volatility squeeze.

Going forward, a decisive break above August 2 high at 0.8806 will drive the asset towards April 26 low at 0.8852, followed by June 16 low around 0.8900.

In an alternate scenario, a downside move below August 10 low at 0.8690 would drag the asset toward July 17 high at 0.8630 and July 27 low at 0.8552.

USD/CHF two-hour chart

USD/CHF

Overview
Today last price	0.8766
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	0.8767

Trends
Daily SMA20	0.8689
Daily SMA50	0.8849
Daily SMA100	0.8926
Daily SMA200	0.9129

Levels
Previous Daily High	0.8777
Previous Daily Low	0.869
Previous Weekly High	0.8806
Previous Weekly Low	0.8665
Previous Monthly High	0.9005
Previous Monthly Low	0.8552
Daily Fibonacci 38.2%	0.8723
Daily Fibonacci 61.8%	0.8744
Daily Pivot Point S1	0.8713
Daily Pivot Point S2	0.8658
Daily Pivot Point S3	0.8626
Daily Pivot Point R1	0.8799
Daily Pivot Point R2	0.8832
Daily Pivot Point R3	0.8886

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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