USD/CHF Price Stabilizes Above 50-Day SMA Ahead of CPI Data
The USD/CHF currency pair has been trading with a positive bias on Tuesday as the US Dollar consolidates its recent gains ahead of Wednesday's Consumer Price Index (CPI) data. The price action has stabilized above the 50-day Simple Moving Average (SMA), but the 21-day SMA at 0.8112 is keeping gains in check. The pair currently trades around 0.8113, extending its gains for a second consecutive day.
The US Dollar Index (DXY) tracks the Greenback's value against six major currencies and hovers around 99.80, holding above the 100-day SMA at 99.75. The Relative Strength Index (RSI) near 52 points to balanced momentum after cooling from earlier overbought levels.
A sustained break above the 21-day SMA could open the door to 0.8150 and eventually the 0.8200 psychological mark. However, a move below the 50-day SMA would expose the 0.8000 psychological level and potentially bring the 100-day SMA at 0.7968 and the horizontal support at 0.7900 into focus.