USD/CHF eases-off highs, near 0.9645

FXStreet (Mumbai) - The US dollar halted its upward trajectory and shed some gains versus the Swiss currency in the European morning, sending USD/CHF away from fresh three-month highs, as traders resorted to profit-taking after the recent upsurge as attention now shifts towards the FOMC statement in absence of major economic releases in the session ahead.

USD/CHF rises along with USD

Currently, the USD/CHF pair trades 0.18% lower at 0.9643, supported above 0.9604 levels. The USD/CHF pair keeps green largely on the back of resumption of the greenback’s upward moves as traders prefer the reserve currency before the Fed decision tonight. Also, the losses in the Swiss currency can be attributed to a weaker EUR/USD, heading towards the key 1.1019 support.

Traders await the conclusion from today's FOMC meeting, and while no changes in the monetary policy are expected, the Fed should start pointing towards a September or December rate hike, having major impact on the USD moves.

USD/CHF Technical Levels

To the upside, the next resistance is located at 0.9658 (July 20 High) levels and above which it could extend gains 0.9700 levels. To the downside, immediate support might be located at 0.9595 (July 20 Low) levels and below that at 0.9551 (July 17 Low) levels.