USD/CHF Price Analysis: Turns sideways around 0.9050 ahead of US debt-ceiling issues

USD/CHF is displaying a sideways auction around 0.9050 as the USD Index has shown some correction.
Optimism over US debt-ceiling issues has fueled strength in American stocks.
USD/CHF is in a Mark-up phase after delivering a breakout of the Wyckoff Accumulation pattern.

Sagar Dua FXStreet

The USD/CHF pair is showing a balanced auction profile around 0.9050 in the Asian session. The Swiss Franc asset has faced pressure in its upside journey around 0.9060 as the US Dollar Index (DXY) has shown some correction after meeting tough barricades above 103.60.

S&P500 futures have loaded some gains in early Asia. US equities are maintaining strength even after two-day consecutive strong performances, portraying a cheerful market mood. Optimism over US debt-ceiling issues has fueled strength in American stocks. The 10-year US Treasury yields are holding themselves above 3.65%.

USD/CHF has delivered a breakout of the Wyckoff Accumulation pattern formed on a four-hour scale. The Swiss franc asset is in a mark-up phase which displays wider bullish ticks and heavy volume. Upward-sloping 20-period Exponential Moving Average (EMA) at 0.9000 is providing support to the US Dollar bulls.

Going forward, a decisive break above May 18 high at 0.9063 will drive the asset toward the round-level resistance of 0.9100 followed by March 28 low at 0.9137.

In an alternate scenario, a downside move below May 16 low at 0.8929 will drag the asset toward April 14 low at 0.8867. A slippage below April 14 low will further drag the asset toward the Spring formation around May 04 low at 0.8820.

USD/CHF four-hour chart

USD/CHF

Overview
Today last price	0.9046
Today Daily Change	-0.0006
Today Daily Change %	-0.07
Today daily open	0.9052

Trends
Daily SMA20	0.8929
Daily SMA50	0.9039
Daily SMA100	0.9153
Daily SMA200	0.9405

Levels
Previous Daily High	0.9063
Previous Daily Low	0.898
Previous Weekly High	0.8988
Previous Weekly Low	0.8868
Previous Monthly High	0.9198
Previous Monthly Low	0.8852
Daily Fibonacci 38.2%	0.9031
Daily Fibonacci 61.8%	0.9012
Daily Pivot Point S1	0.9001
Daily Pivot Point S2	0.8949
Daily Pivot Point S3	0.8918
Daily Pivot Point R1	0.9083
Daily Pivot Point R2	0.9114
Daily Pivot Point R3	0.9165

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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