Dollar Defies Dips as Fed Decision Looms

The US dollar has pulled back in the early hours of Wednesday's session but has found buyers against the Swiss Franc, showing its resilience once again. The Federal Reserve interest rate decision is looming, and market volatility is expected.

As things stand, the interest rate differential between the United States and Switzerland is wide enough to drive a truck through, indicating strength in this market over the last several months.

The 50-day EMA crossed above the 200-day EMA back in early July, and now we are seeing overall upward momentum. The 0.81 level has been a magnet for price, and the 50-day EMA is currently at the 0.8050 level, which could serve as support if there's a pullback.

Christopher Lewis, a technical analyst with over two decades of trading experience, remains bullish on this market, citing the interest rate differential and upward momentum. He believes that despite concerns, this market will remain bullish and has further upside potential.