- USD / CHF advanced for the sixth day in a row on Thursday.
- He consolidates recent gains and remains strong in the market.
- The bias seems tilted in favor of more hikes.
USD / CHF is trading on a positive bias and has just risen to 0.9361, level highest since April. The strength of the dollar remains the key factor behind the advance of the pair.
The greenback had gained strong positive traction in the past week amid expectations that the Federal Reserve will begin to reverse its massive pandemic-era stimuli as early as November. In addition to this, markets also appear to have started pricing on the possibility of a Fed rate hike in 2022, which was evident from the recent spike in US Treasury yields.
The dollar’s bullish tone remains firm on Thursday despite stable bond yields and equity markets rising modestly. US growth data will be released on Thursday, in addition to the unemployment benefit claims report. Powell and Yellen will speak before Congress again.
From a technical perspective, the USD / CHF support over the 0.9330-35 region adds credibility to the constructive outlook. The next resistance can be seen at 0.9375, the break of which would pave the way for the 0.9400 recovery. In the opposite direction, 0.9330 / 35 is the first support, followed by 0.9275.
Technical levels
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