USD/CHF: Swiss franc remains under pressure
Current trend
During the Asian session, the USD/CHF pair shows ambiguous trading dynamics, consolidating near the level of 0.9260, despite the strong growth of the US dollar index, which strengthens above 99.000 after the optimistic data on the US unemployment rate, published on Friday. On Tuesday, trading activity remains quite low as traders expect the emergence of new drivers in the market.
With the opening of today's US session, a block of macroeconomic statistics from the ISM on business activity in the service sector for March will be released. Also, during the day, a series of speeches by representatives of the US Federal Reserve is expected, among which we can note Lael Brainard, Neel Kashkari, and the head of the Fed of New York, John Williams. Their statements come ahead of Wednesday's release of the minutes of the regulator's meeting, in which traders will try to find new evidence in favor of a more rapid tightening of monetary policy in the US, which could begin as early as May.
The Swiss franc remains under pressure due to the situation in Eastern Europe. At the beginning of a new Forex trading week, investors are again full of negativity amid reports that Europe is preparing a new package of sanctions against the Russian economy. These conversations were catalyzed by accusations by Ukraine that Russian troops had committed several war crimes in the course of a special military operation. In particular, the EU is again discussing the possibility of a complete or partial ban on energy imports, although there is still no unified position on this issue among all bloc members.
The current situation favors the franc as a shelter asset and limits the upside potential of the USD/CHF pair, as the ambiguous fundamental background requires traders to be cautious amid the lack of economic data affecting the market.
Support and resistance
On the daily chart, Bollinger Bands are steadily declining. The price range expands slightly from the bottom while remaining spacious enough for the current level of activity in the market. The MACD indicator reverses upwards, preparing to form a new buy signal (the histogram is trying to consolidate above the signal line). Stochastic shows similar dynamics, retreating from the level of 20 and signals in favor of the development of upward dynamics in the ultra-short term.
Resistance levels: 0.9279, 0.9300, 0.9341, 0.9381.
Support levels: 0.9250, 0.9219, 0.9200, 0.9175.
During the Asian session, the USD/CHF pair shows ambiguous trading dynamics, consolidating near the level of 0.9260, despite the strong growth of the US dollar index, which strengthens above 99.000 after the optimistic data on the US unemployment rate, published on Friday. On Tuesday, trading activity remains quite low as traders expect the emergence of new drivers in the market.
With the opening of today's US session, a block of macroeconomic statistics from the ISM on business activity in the service sector for March will be released. Also, during the day, a series of speeches by representatives of the US Federal Reserve is expected, among which we can note Lael Brainard, Neel Kashkari, and the head of the Fed of New York, John Williams. Their statements come ahead of Wednesday's release of the minutes of the regulator's meeting, in which traders will try to find new evidence in favor of a more rapid tightening of monetary policy in the US, which could begin as early as May.
The Swiss franc remains under pressure due to the situation in Eastern Europe. At the beginning of a new Forex trading week, investors are again full of negativity amid reports that Europe is preparing a new package of sanctions against the Russian economy. These conversations were catalyzed by accusations by Ukraine that Russian troops had committed several war crimes in the course of a special military operation. In particular, the EU is again discussing the possibility of a complete or partial ban on energy imports, although there is still no unified position on this issue among all bloc members.
The current situation favors the franc as a shelter asset and limits the upside potential of the USD/CHF pair, as the ambiguous fundamental background requires traders to be cautious amid the lack of economic data affecting the market.
Support and resistance
On the daily chart, Bollinger Bands are steadily declining. The price range expands slightly from the bottom while remaining spacious enough for the current level of activity in the market. The MACD indicator reverses upwards, preparing to form a new buy signal (the histogram is trying to consolidate above the signal line). Stochastic shows similar dynamics, retreating from the level of 20 and signals in favor of the development of upward dynamics in the ultra-short term.
Resistance levels: 0.9279, 0.9300, 0.9341, 0.9381.
Support levels: 0.9250, 0.9219, 0.9200, 0.9175.
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