The USD/CHF pair drew bids near a three-month low of 0.8750 during European trading hours on Wednesday (3/19). The Swiss franc pair strengthened as the US dollar (USD) rallied ahead of the outcome of the Federal Reserve's (Fed) two-day monetary policy meeting at 18:00 GMT.
The US Dollar Index (DXY), which measures the greenback against six major currencies, recovered near 103.70 from a five-month low of 103.20 hit the previous day.
Investors expect the Fed to leave interest rates unchanged in the 4.25%-4.50% range for the second straight day as officials take time to gain clarity on US President Donald Trump's economic policies. The Fed will also release its dot plot, which shows the direction of the federal funds rate in the medium to long term, and its Summary of Economic Projections (SEP).
Meanwhile, the Swiss Franc (CHF) underperformed as investors expected the Swiss National Bank (SNB) to follow a very dovish policy easing approach amid rising risks of further downside inflation. The Swiss Consumer Price Index (CPI) slowed to 0.3% in the 12 months to February.
USD/CHF is edging closer to a four-month low of 0.8736 plotted from the December 6 low. The outlook for the pair is generally bearish as it is trading below the 200-day Exponential Moving Average (EMA), which is around 0.8882.
Momentum is on the bearish side as the 14-day Relative Strength Index (RSI) is oscillating in the range of 20.00-40.00.
The asset could face further declines towards the November 8 low of 0.8700 and the November 6 low of 0.8620 if it falls below the December 6 low of 0.8736.
On the other hand, a recovery move above the psychological support of 0.9000 would push the asset towards the high of February 28 at 0.9036, followed by the round level resistance at 0.9100.(Newsmaker23)
Source: FXstreet
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