USD/CHF consolidated on Wednesday, recording a daily close with a gain of over 0.21%. The currency pair declined from around 0.8847 to 0.8038, an eleven-day yearly low. However, the currency pair has recovered after the Swiss Consumer Price Index (CPI) data continued to weaken, paving the way for another interest rate cut by the Swiss National Bank (SNB).
At the time of writing, USD/CHF was trading above 0.8230 after bouncing off a daily/weekly low of 0.8184.
USD/CHF Price Forecast: Technical outlook
USD/CHF has been trading sideways for the past nine days, in a range of 0.8200-0.8335, as market participants await the Federal Reserve's decision. However, with Fed Chair Powell maintaining the status quo, the major has been unable to break through the highs or lows within the range. Therefore, USD/CHF is expected to remain within the range.
A buying opportunity arises at 0.8200. A break of 0.8250 would expose 0.8300, followed by the range top at 0.8335. Conversely, if USD/CHF falls below 0.8200, traders could test 0.8100, followed by the yearly low at 0.8184.(Newsmaker23)
Source: FXstreet
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