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FOREX: USDCHF Breaks Trendline Resistance, CB Expectations Bolster Rally

FOREX
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  • USDCHF has sprung back to life on Wednesday amid the broad support for the greenback, currently up 1.37% on the session. Spot has been consolidating close to session highs of 0.8754 as the hawkish rate repricing in the US and surging equities underpin the renewed optimism for the pair.
  • Price action gained momentum overnight on the break of trendline resistance, drawn from the year’s highs, intersecting around 0.88697. The initial target of 0.8749, the Aug 15 high, has been pierced.
  • The Swiss Franc’s funding status has thrust it back into the spotlight and any further CHF weakness would be underpinned by SNB easing expectations that have become more aggressive in the last months amid low inflation - contrary to the US.
  • Above here, an influential pivot point at 0.8820 would be the most notable short-term target and while not necessarily in play over the next 24 hours, a protracted move higher for the greenback would refocus attention on 0.9050 and the key resistance zone between 0.9224/44.
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  • USDCHF has sprung back to life on Wednesday amid the broad support for the greenback, currently up 1.37% on the session. Spot has been consolidating close to session highs of 0.8754 as the hawkish rate repricing in the US and surging equities underpin the renewed optimism for the pair.
  • Price action gained momentum overnight on the break of trendline resistance, drawn from the year’s highs, intersecting around 0.88697. The initial target of 0.8749, the Aug 15 high, has been pierced.
  • The Swiss Franc’s funding status has thrust it back into the spotlight and any further CHF weakness would be underpinned by SNB easing expectations that have become more aggressive in the last months amid low inflation - contrary to the US.
  • Above here, an influential pivot point at 0.8820 would be the most notable short-term target and while not necessarily in play over the next 24 hours, a protracted move higher for the greenback would refocus attention on 0.9050 and the key resistance zone between 0.9224/44.