USD/CHF bulls eyeing 0.94 mark ahead of FOMC minutes
| • Persistent USD buying helps gain traction for the fourth consecutive session.
• Reviving safe-haven demand does little to stall the up-move.
• FOMC minutes to set the near-term trajectory.
The USD/CHF pair jumped to over one-week tops on Wednesday and is now aiming to reclaim the 0.9400 handle.
The US Dollar remained supported against its major counterparts and has been one of the key factors driving the pair higher, for the fourth consecutive session.
The pair has now recovered around 200-pips from 20-month lows, set last Friday, and the up-move seemed largely unaffected by weaker trading sentiment surrounding European equity markets, which tends to benefit the Swiss Franc's safe-haven appeal.
Investors' focus on Wednesday would remain glued to the latest FOMC monetary policy meeting minutes, which would drive the greenback in the near-term and eventually provide some fresh directional impetus to the major.
Heading into the key event risk, the release of existing home sales data from the US would be looked upon for some short-term trading opportunities.
Technical levels to watch
Bulls would be eyeing for a clear breakthrough the 0.9400 handle, above which the pair seems all set to challenge 0.9430-35 supply zone before aiming towards Feb. monthly highs resistance near the 0.9470 level.
On the flip side, 0.9360 level now seems to protect the immediate downside, which if broken might drag the pair back towards 0.9315 intermediate support en-route the 0.9300 handle.
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