USD/CHF struggles to find direction, trades around 0.8900

USD/CHF trades in tight range after posting losses last week.
US Dollar Index remains on the back foot on Monday.
Trading action is likely to remain subdued in the second half of the day.

Eren Sengezer FXStreet

The USD/CHF pair lost nearly 90 pips last week and seems to be having a tough time staging a rebound on Monday. As of writing, the pair was virtually unchanged on the day at 0.8909.

DXY stays in the red below 90.50

The ongoing USD weakness is keeping USD/CHF's upside capped at the start of the week. The US Dollar Index (DXY), which lost 0.7% last week, is posting small daily losses near 90.30 on Monday as the upbeat market mood doesn't allow the safe-haven greenback to attract investors.

Mirroring the risk-positive market environment, the Euro Stoxx 50 and the UK's FTSE 100 indexes are up 1% and 1.6%, respectively.

There won't be any macroeconomic data releases featured in the US economic docket and stock markets will be closed due to the Presidents Day holiday, suggesting that the trading action will likely remain subdued during the American session.

The next potential catalyst for USD/CHF will be Retail Sales data from the US and the FOMC's February Meeting Minutes on Wednesday. Investors expect Retail Sales in January to rise by 1% following December's decline of 0.7% and a better-than-expected reading could help the greenback stage a rebound against its major rivals.

Technical levels to watch for

USD/CHF

Overview
Today last price	0.8919
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.8919

Trends
Daily SMA20	0.8921
Daily SMA50	0.8888
Daily SMA100	0.8999
Daily SMA200	0.9171

Levels
Previous Daily High	0.894
Previous Daily Low	0.8897
Previous Weekly High	0.9019
Previous Weekly Low	0.889
Previous Monthly High	0.8926
Previous Monthly Low	0.8758
Daily Fibonacci 38.2%	0.8924
Daily Fibonacci 61.8%	0.8914
Daily Pivot Point S1	0.8897
Daily Pivot Point S2	0.8876
Daily Pivot Point S3	0.8855
Daily Pivot Point R1	0.894
Daily Pivot Point R2	0.8961
Daily Pivot Point R3	0.8982

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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