USD/CHF reacts to central bankers

Source: Dukascopy Bank SA


This trading week, which ends with September 23, the Federal Reserve hiked 0.75% and made comments about additional tightening incoming. Meanwhile, the Swiss National Bank also hiked their interest rates by 0.75%.

In the aftermath of the interest rate changes and central banker press conferences, the market decided that the USD is set to be gain more strength than the Swiss Franc, as the USD/CHF rate surged.

The surge of the US Dollar against the Swiss Franc is expected to test the late summer resistance zone at 0.9860/0.9890. Higher above, the 1.0000 mark and the zone that surrounds it is set to once again act as resistance. Even higher, take into account the 2018 and 2019 high levels.

However, a potential decline of the USD/CHF pair would look for support in the 0.9700 level, the 50-day simple moving average near 0.9620, 0.9600 mark and the 200-day simple moving average.
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