USD/CHF rallied for the fourth straight day after the Federal Reserve (Fed) decided to keep interest rates on hold, although they are still eyeing two rate cuts by 2025.
This, coupled with US President Trump's statement that he is open to Iran talks, boosted the dollar. At the time of writing, the pair was trading at 0.8180, up 0.08%.
USD/CHF Price Forecast: Technical outlook
The price action suggests that the USD/CHF downtrend is still in play, although since June 13, it seems to be consolidating in the 0.8038-0.8350 range in the near term. This is because the Relative Strength Index (RSI) is flat at the neutral 50-line.
If USD/CHF rises past 0.82, buyers could test the 50-day SMA at 0.8233. If broken, expect a rally to 0.8300, which opens the way to a test of the May 29 daily peak at 0.8347, ahead of 0.84. Another scenario is if the downtrend continues, but sellers need to surpass the 0.8100 figure. A break of the latter would expose the June 17 swing low at 0.8054, before testing the YTD low at 0.8038. (alg)
Source: FXstreet
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