USD/CHF Holds above 0.8200 post-Fed meeting
USD/CHF consolidates on Wednesday, registering a daily close with gains of over 0.21%. The pair witnessed a drop from around 0.8847 to 0.8038, the yearly low in eleven days. However, it has recovered after Swiss Consumer Price Index (CPI) data continued to remain soft, paving the way for another rate cut by the Swiss National Bank (SNB).
The USD/CHF has been trading sideways for the last nine days, within the 0.8200-0.8335 range, as market participants awaited the Federal Reserve’s decision. However, as Fed Chair Powell maintained the status quo, the major was unable to clear either the high or the low of the range. Therefore, the USD/CHF is set to remain range-bound.
Buying opportunities emerge at the 0.8200 figure. A breach of the 0.8250 mark would expose the 0.8300 figure, followed by the peak of the range at 0.8335. Conversely, if USD/CHF falls below 0.8200, traders could test the 0.8100 figure, followed by the yearly low of 0.8184.
Source: Fxstreet