The USD/CHF pair shows a weak growth, developing the "bullish" momentum formed the day before, and is testing 0.9430 for a breakout, updating the local highs from December 6.
The main factor in the growth of the dollar yesterday was the speech of the Chair of the US Federal Reserve Jerome Powell in the US Senate. In his speech, the official called for an acceleration in interest rate increases, which led to a revision of forecasts for the March rate hike. Now, some experts believe that this month the value will be adjusted not by 25 basis points, but by 50 basis points. The dollar was also slightly supported by the strengthened IBD/TIPP Economic Optimism index, which rose from 45.1 points to 46.9 points in March.
The Swiss franc, in turn, is under some pressure after the publication of macroeconomic statistics earlier in the week. On Monday, February data on consumer inflation were released, which added 0.7% after rising by 0.6% in the previous month, while analysts had expected 0.8%. In annual terms, the Consumer Price Index accelerated from 3.3% to 3.4%, which, however, turned out to be significantly higher than forecasts at the level of 2.9%. In addition, yesterday the Swiss Unemployment Rate was released, remaining at the same level of 1.9% in February, contrary to forecasts of a decline to 1.8%.
Bollinger Bands on the daily chart show a steady increase. The price range is expanding slightly, but remains rather spacious for the current level of activity in the market. MACD indicator reverses to growth while forming a new buy signal (the histogram is about to consolidate above the signal line). Stochastic reversed upwards sharply after the "bullish" dynamics the day before.
Resistance levels: 0.9439, 0.9478, 0.9550, 0.9600. | Support levels: 0.9400, 0.9350, 0.9300, 0.9250.