USD/CHF tries to finds support at 0.9460 ahead of US CPI

• US Consumer Price Index on Tuesday at 12.30 GMT.
• SNB interest rate decision and quarterly buletin On Thursday at 8.30 GMT. 

The USD/CHF is trading at around 0.94747 down 0.42% on Monday as the US inflation numbers are due on Tuesday with the CPI data set at 12.30 GMT. The next macro news coming from Switzerland is on Thursday with the Swiss National Bank rate decision and quarterly bulletin. The SNB is not expected to make any change in its key ineterst rate according to Danske Bank.

USD/CHF daily chart

Last Friday the USD/CHF formed a doji bar in the higher part of the ascending bull channel as the NFP headline number came in way above expectation at 313k vs 200k. However the wages disappointed as the average hourly earnings came in at 2.6% y/y vs. 2.8% expected. At this stage the market value the quality of the jobs over the quantity of jobs added. The USD/CHF on Tuesday tested again the 38.2% Fibonacci retracement from the November 2017- February 2018 downtrend and at the time of writing is testing the 50-period daily SMA.

USD/CHF 1-hour chart

On the 1-hour chart the Swisy has found support at the 38.2% Fibonacci retracement from the 2-9 March 2018 and the 1-hour 100-period SMA. Short-term support is then the 0.9460 level discussed just above, followed by the 0.9420 level with the 61.8% Fibonacci retracement. Resistance is seen at the 0.9490 level which is the 23.6% Fibonacci retracement, followed by the 0.9450 figure which is close to the high of last week.