- USD/CHF bears are on the lookout for resistance.
- All eyes on key US events and market structure.
USD/CHF is up around 0.7% and has rallied from a low of 0.9015 to a high of 0.9109 so far. The key event will be the Federal Reserve and according to the CME FedWatch tool, money markets are leaning towards a pause from the Fed when it announces its rate decision on Wednesday.
Meanwhile, the technical outlook is clouded by a breakout of the key structure to the downside followed by a strong move to the upside:
daily chart
USD/CHF broke below the uptrend line from early June. The pair broke out of a key structural point on Thursday but has since rallied back to the origin of the move.
4 hour chart

Although the bulls could continue to advance, we are in resistance. A correction towards former resistance could be in the offing ahead of key events this week, including Tuesday’s US Consumer Price Index.
A negative outcome from these events could lead to a break below 0.9000 with a target of 0.8950.
Source: Fx Street

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.