The Fed yesterday delivered on expectations by holding rates steady and keeping the dot plot on two rate cuts for 2025. Fed Chair Powell didn’t offer anything in terms of forward guidance as the uncertainty continues to favour a wait-and-see approach. The USD strengthened a bit following the announcement, but it had more to do with noise rather than signal. The Fed decision was overall a non-event.
The market continues to price in two rate cuts in 2025, but the path of least resistance favours more rate cuts. Therefore, the greenback will need stronger data to trigger a more hawkish repricing and get a boost.
USDCHF Technical Analysis – Daily Timeframe
USDCHF Technical Analysis – 1 hour Timeframe
On the 1 hour chart, we can see that we have an upward trendline defining the bullish momentum on this timeframe. The buyers will likely continue to lean on the trendline to keep pushing into new highs, while the sellers will look for a break lower to position for a drop back into the 0.8038 level. If the price breaks below the trendline, the buyers will have another dip-buying opportunity around the 0.8145 zone.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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