USD/CHF resurfaces above 1.0000 with all eyes on the Fed USDCHF Currencies
Hopes of an aggressive hike by the Fed are buoying the USD
Investors’ focus is on Wednesday's US Federal Reserve’s monetary policy decision, one of the highlights of the week. All signs point to another 0.75% rate hike, a favorable scenario for the US dollar, which is appreciating against its main rivals. In the macroeconomic calendar, The US Chicago PMI has shown that business activity deteriorated beyond expectations in October and the same accounts for the Dallas Fed Manufacturing Index. These figures have increased fears about a slowdown in economic activity in the last quarter of the year, although the impact on the US dollar has been muted.
In Switzerland, retail sales increased at a 3.2% yearly pace in September, according to data from the Swiss Federal Statistics Office. This reading comes slightly below the 3.3% anticipated by the market, yet, well above the 2.1% seen in August.From a technical perspective, the pair has confirmed its near-tern bullish bias breaching the 200-hour SMA at the 0.9980 area, which is now acting as support. On the upside, the pair is struggling against a resistance area at 1.
On the downside, the mentioned 200-hour SMA at the 0.9980 area is keeping bears at a bay. Below here, the next potential targets are October 30 low at 0.9945 and October 27 high at 0.9920/25.
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