USD/CHF Price Analysis: Declines firmly as USD Index turns heavily volatile USDCHF DollarIndex Fed GDP SupportResistance
The USD Index is a rerating candidate as the street is anticipating one more interest rate hike from the Fed.
S&P500 futures have trimmed some gains in Tokyo, portraying a minor caution ahead of reaction from investors over the US debt-ceiling raise approval. The USD Index has shown a wild gyration in a 25-pip range as investors are anticipated to re-rate the asset amid a rebound in expectations for an interest rate hike by the Federal Reserve .
USD/CHF is demonstrating an inventory adjustment phase after delivering a breakout of the Wyckoff Accumulation pattern formed on a four-hour scale. Broadly, the Swiss franc asset is expected to display wider bullish ticks and heavy volume as bulls remain solid in the markup phase. Upward-sloping 50-period Exponential Moving Average at 0.9024 is providing support to the US Dollar bulls.
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