FundamentalOverviewThe USD continues to besupported against most major currencies, especially the commodity currencies,as the markets remain in a risk-off mood following some bad US data releases.In fact, since last Friday, we got weak US Flash Services PMI, UMich final Consumer Sentiment and this a weak US Consumer Confidence report on Tuesday. The problem is that we’vealso got inflation expectations jumping to new highs in both the UMich and theConference Board report. The market might be fearing that in case we get aslowdown, the Fed might not be fast enough in cutting rates amid inflationremaining above target and uncomfortably high long-term inflation expectations.This is something to keepin mind in light of the next NFP and CPI reports coming out before the MarchFOMC decision where we will also get the updated SEP and Dot Plot. Today, weget the US Jobless Claims figures and if we get a new high in the data, then wecan expect another wave of risk-off flows.On the CHF side, nothinghas changed fundamentally although the recent strength in the Swiss Franc dueto risk-off flows solidified markets expectations for a 25 bps cut in March andincreased the total easing seen by year-end from 35 bps to 39 bps. USDCHFTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that USDCHF broke below the key 0.8960 support zone recently but the price is now rising backabove it. This is where we can expect the buyers to step in to position for arally into the 0.92 handle. The sellers, on the other hand, will want to seethe price falling back below the support again to keep pushing into the 0.87handle next.USDCHF TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee that the price broke above the downward trendline that was defining the bearishmomentum. The buyers piled in on the break of the trendline and the supportzone to target a deeper pullback into the 0.90 handle. That’s where we canexpect the sellers to step in with a defined risk above the 0.90 handle toposition for the break below the support.USDCHF TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, we cansee that we have a counter-trendline defining the current pullback. If we get apullback into it, we can expect the buyers to lean on the trendline to positionfor a rally into new highs, while the sellers will look for a break lower toincrease the bearish bets into the 0.87 handle. The red lines define the average daily range for today.UpcomingCatalystsToday we get the latest US Jobless Claimsfigures, while tomorrow we conclude the week with the US PCE data. This article was written by Giuseppe Dellamotta at www.forexlive.com.