USD/CHF Price Analysis: Turns sideways around 0.9050 ahead of US debt-ceiling issues

• USD/CHF is displaying a sideways auction around 0.9050 as the USD Index has shown some correction.
• Optimism over US debt-ceiling issues has fueled strength in American stocks.
• USD/CHF is in a Mark-up phase after delivering a breakout of the Wyckoff Accumulation pattern.

The USD/CHF pair is showing a balanced auction profile around 0.9050 in the Asian session. The Swiss Franc asset has faced pressure in its upside journey around 0.9060 as the US Dollar Index (DXY) has shown some correction after meeting tough barricades above 103.60.

S&P500 futures have loaded some gains in early Asia. US equities are maintaining strength even after two-day consecutive strong performances, portraying a cheerful market mood. Optimism over US debt-ceiling issues has fueled strength in American stocks. The 10-year US Treasury yields are holding themselves above 3.65%.

USD/CHF has delivered a breakout of the Wyckoff Accumulation pattern formed on a four-hour scale. The Swiss franc asset is in a mark-up phase which displays wider bullish ticks and heavy volume. Upward-sloping 20-period Exponential Moving Average (EMA) at 0.9000 is providing support to the US Dollar bulls.

Going forward, a decisive break above May 18 high at 0.9063 will drive the asset toward the round-level resistance of 0.9100 followed by March 28 low at 0.9137.

In an alternate scenario, a downside move below May 16 low at 0.8929 will drag the asset toward April 14 low at 0.8867. A slippage below April 14 low will further drag the asset toward the Spring formation around May 04 low at 0.8820.

USD/CHF four-hour chart