The USDCHF currency pair is currently trading at 0.8977, which is a slight increase of 0.01%. Investors are eagerly anticipating the Federal Reserve’s policy decision and updated economic projections.

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• USD/CHF trades at 0.8977, a marginal gain of 0.01%, as investors await the Federal Reserve’s policy decision and updated economic projections.

The pair currently trades last at 0.89709.

The previous day high was 0.8978 while the previous day low was 0.8946. The daily 38.2% Fib levels comes at 0.8966, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8958, expected to provide support.

The US Dollar (USD) posts minuscule gains against the Swiss Franc (CHF), ahead of monetary policy decisions by the US Federal Reserve (Fed) and the Swiss National Bank (SNB). At the time of writing, the USD/CHF is trading at 0.8977, gaining 0.01% after hitting a daily low of 0.8949.

Market sentiment improved, as shown by Wall Street’s finishing with solid gains as investors await the Federal Reserve to keep rates unchanged at Wednesday’s meeting. The Fed Chair Powell and Co will also update its Summary of Economic Projections (SEP), which drafts the US central bank economic outlook for the remainder of 2023 and subsequent years.

The outcome of the US central bank is crucial, as investors expect no further hikes, as odds for the November meeting dropped below 30%, as outlined by the CME FedWatch Tool. That could pave the way for US Dollar weakness, hence a headwind for the USD/CHF pair.

On the other hand, the Swiss National Bank (SNB) would likely hike rates by 25 bps, towards 2%, seen as investors as peak rates, according to money market futures. Although the latest inflation report in Switzerland witnessed a 1.6% YoY uptick, it remains below the central bank’s 2% target. Nevertheless, the SNB would likely maintain its restrictive stance to stabilize prices.

From a technical standpoint, the major is set to extend its rally, reaching a new multi-month high of around 0.8982. Buyers are still eyeing the 0.9000 figure, followed by the 200-day Moving Average (DMA) at 0.9038. On the flip side, if USD/CHF breaks below 0.8949, that could open the door to test 0.8900.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8972 at the time of writing. Pair opened at 0.8976 and is trading with a change of -0.04 % .

The pair is trading above its 20 Daily moving average @ 0.8868, above its 50 Daily moving average @ 0.8776 , above its 100 Daily moving average @ 0.888 and below its 200 Daily moving average @ 0.9042

The previous day high was 0.8978 while the previous day low was 0.8946. The daily 38.2% Fib levels comes at 0.8966, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8958, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8956, 0.8935, 0.8924
• Pivot resistance is noted at 0.8988, 0.8998, 0.9019

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