Used for a difficult or dangerous situation, often sudden. Common in phrases like ピンチを切り抜ける (get out of a pinch).
The team got through the final crisis and won.
He always becomes calm when he's in a pinch.
The company fell into a major crisis due to lack of funds.
clothespin; clothes peg
Refers to the household item for hanging laundry. Less common than the 'crisis' sense in everyday conversation.
I hung the laundry, fastening it with clothespins.
I clipped the wet towel with a clothespin and hung it up to dry.
Due to a lack of funds, the company fell into a management crisis.
He turned the crisis into an opportunity and succeeded.
苦境 describes a prolonged, painful predicament (often financial or social), whereas ピンチ can be a brief, sudden tight spot, like in a game.
難局 is a formal term for a difficult situation requiring careful handling, while ピンチ is more casual and often implies imminent danger or failure.
Borrowed from English 'pinch'. The 'clothespin' sense likely comes from the pinching action of the clip.