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USD/CHF through 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

    Oct 7, 2015
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    The greenback is prolonging its march north today, pushing USD/CHF to the area of session highs above the 0.9900 handle.

    USD/CHF in multi-day peaks

    The pair is now looking to consolidate the breakout of 0.9900 the figure against a backdrop of a solid demand for the US dollar and a generalized bias towards the risk-associated space.

    Ahead in the session, the USD rally will be put to the test in light of the key FOMC meeting and Yellen’s press conference. Market consensus expects the Fed to remain on hold this time, albeit delivering a hawkish statement.

    Back to Switzerland, the SNB will hold its meeting tomorrow, with polls showing the central bank keeping its monetary status quo unchanged while President T.Jordan seen reiterating the bank’s readiness to act if needed.

    USD/CHF key levels

    The pair is now up 0.39% at 0.9911 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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