USD/CHF has been bullish with the gains above 0.9450 support area, where it is expected to move higher in the coming days. Ahead of the high-impact economic reports, USD is quite calm and being dominated by CHF throughout the day. Today, the Federal Funds Rate report is going to be published which is expected to increase to 1.75% from the previous value of 1.50%. The rate hike is expected to inject a good amount of volatility in the market along with impulsive pressure on the USD side. Moreover, today FOMC Economic Projection, Rate Statement and Press Conference is going to be held which are expected to be quite hawkish in nature. Additionally, today the US Existing Home Sales report is going to be published which is expected to increase to 5.41M from the previous figure of 5.38M. Besides, the Current Account report is expected to show an increase in deficit to -125B from the previous figure of -101B. On the CHF side, recently the trade balance report was published with better than expected figure of 3.14B increasing from the previous figure of 2.07B which was expected to decrease to 1.87B. The positive economic report helped CHF to gain certain momentum against USD but could not sustain the pressure to counter the bullish momentum in the pair. As of the current scenario, USD is expected to dominate CHF further having probable increased Interest Rate decision which is expected to inject volatility and help USD extend gains in the coming days.
Now let us look at the technical view. The price is currently residing inside the daily candle formed yesterday which is expected to proceed higher towards 0.97 resistance area in the coming days. As the price remains above 0.9450 with a daily close, further bullish pressure is expected to push the price higher in the coming days.
