USD/CHF: A phase of consolidation ahead of Fed?

USD/CHF manages to keep the 0.98 handle so far this session, with the bulls taking a breather after having struggled to take out 0.9820 since Friday.

USD/CHF trades above all DMAs

Currently, the USD/CHF pair trades modestly flat at 0.9804, eyeing for a retest of previous highs posted at 0.9819.  USD/CHF keeps the bullish momentum intact, although retreats slightly from eleven-day highs as the US dollar steadies across the board, expectant of the much-awaited Fed’s decision on the interest rates.

In the meantime, markets now await the Swiss economic forecasts from State Secretariat for Economic Affairs (SECO) and trade balance, while the US calendar offers a couple of housing data today ahead of Wednesday’s Fed verdict.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9819 (Sept 16 high) and above which it could extend gains to 0.9889 (Sept 1 high). To the downside, immediate support might be located at 0.9787/85 (200 & 5-DMA) and below that 9753/45 (100 & 50-DMA).