USD/CHF struggles to find direction, trades in tight range near 0.9630

USD/CHF is fluctuating in a tight channel on Monday.
US Dollar Index posts small daily gains near 97.00.
Wall Street looks to open the day modestly higher.

Eren Sengezer FXStreet

The USD/CHF pair registered strong gains on Friday and closed the week virtually unchanged at 0.9625. On Monday, the pair is staying relatively calm and was last seen moving sideways near 0.9630.

USD ends previous week on strong footing

The upbeat jobs report from the US last week helped the US Dollar Index (DXY) snap its eight-day losing streak. With the Nonfarm Payrolls (NFP) increasing by 2.5 million in May, investors started to price in a possible shift in the Federal Reserve's stance and the DXY recovered to 97.00 area. On Wednesday, the FOMC will release its monetary policy statement and the USD is likely to remain resilient against its rivals until this event.

Additionally, stock markets rose sharply on the back of the impressive NFP figures and made it difficult for the CHF to find demand as a safe-haven. At the moment, the S&P 500 futures are up 0.55% on the day and USD/CHF could continue to stretch higher if Wall Street extends last week's rally.

The US economic docket won't be featuring any significant macroeconomic data releases on Monday. On Tuesday, the Unemployment Rate, which is expected to rise to 3.7% from 3.3%, data from Switzerland will be looked upon for fresh impetus.

Technical levels to watch for

USD/CHF

Overview
Today last price	0.9629
Today Daily Change	0.0007
Today Daily Change %	0.07
Today daily open	0.9622

Trends
Daily SMA20	0.9671
Daily SMA50	0.9685
Daily SMA100	0.9681
Daily SMA200	0.9776

Levels
Previous Daily High	0.9651
Previous Daily Low	0.9542
Previous Weekly High	0.9651
Previous Weekly Low	0.9542
Previous Monthly High	0.9784
Previous Monthly Low	0.9589
Daily Fibonacci 38.2%	0.9609
Daily Fibonacci 61.8%	0.9583
Daily Pivot Point S1	0.9559
Daily Pivot Point S2	0.9496
Daily Pivot Point S3	0.945
Daily Pivot Point R1	0.9668
Daily Pivot Point R2	0.9714
Daily Pivot Point R3	0.9777

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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