USD/CHF Bulls Regain Control as Rate Hike Expectations Drive Uptrend
The USD/CHF pair has resumed its uptrend after a brief retracement, climbing 0.52% on Wednesday to reach 0.8244. This surge comes after the pair hit a yearly high of 0.8263 on September 16, causing it to dip below 0.8200 before recovering.
The recent rise in the US Dollar, driven by expectations of Federal Reserve rate hikes, has contributed to the uptrend in USD/CHF. The Relative Strength Index (RSI) indicates a resumption of bullish momentum, with price action respecting higher highs and higher lows.
Technical analysts believe that if USD/CHF clears its previous year-to-date high, it could test 0.8300, potentially leading to further gains. A decisive breakout above this level could drive prices towards the May 29, 2025, high of 0.8347 before reaching 0.8400.
On the downside, if the pair retreats to 0.8200, a potential breakdown could send USD/CHF to 0.8183, followed by key support levels at 0.8150 and 0.8100.