USD/CHF has been in a roller coaster of price exhaustion since the start of the week. Today with a good amount of bullish move, the gap was filled up despite the CHF Credit Suisse Economic Expectation report figure was better at 29.6 which previously was at 19.4. Today USD has some major economic events like FOMC Member Evans speaking about the interest rates and monetary policy, Pending Home Sales report expected to be at 2.3% but was published at 5.5%. Moreover, Crude Oil Inventories report is going to be published today which previously was at 5.0M but forecasted a decreased rate of 1.2M. As the economic report publishes it is expected that the market will be volatile and USD has higher chance to fundamentally dominate CHF today.
Now let us look at the technical view, price is currently retesting the resistance of 0.9950-60 area. With already positive USD report and the upcoming USD economic report of Crude Oil Inventories, a daily close above or below the resistance will indicate the upcoming move in this pair. If the price remains above 0.9950 with a daily close, it is expected that the price will move higher towards the next swing high at 1.0150-70 area or else if the price closes below the resistance with a daily close then a down move towards the recent swing low 0.98 is expected.
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