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USD/CHF tests highs near 0.9900 ahead of FOMC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback is extending its upside momentum vs. the Swiss franc on Wednesday, now lifting USD/CHF to the area of daily highs near the 0.9900 handle.

    USD/CHF firmer ahead of FOMC

    The pair continues its march north this week, extending the rebound from the strong support area in the 0.9800 neighbourhood and with the initial target on the 0.9900 mark.

    Ahead in the day, US CPI results for the month of February are due later in the NA session, followed by the FOMC statement and press conference by Chairwoman J.Yellen. Back to the Alpine economy, the SNB will hold its monetary policy meeting tomorrow, although no surprises are expected.

    USD/CHF key levels

    The pair is now up 0.16% at 0.9889 facing the next up barrier at 1.0098 (high Mar.10) ahead of 1.0120 (76.4% Fibo of 1.0262-0.9658) and finally 1.0262 (2016 high Jan.29). On the other hand, a break below 0.9804 (post-ECB low Mar.10) would open the door to 0.9801 (23.6% Fibo of 1.0262-0.9658) and then 0.9797 (200-day sma).

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