USD/CHF Price Analysis: Greenback correcting just above 0.9850 ahead of FOMC

USD/CHF is consolidating the recent losses ahead of the Fed.
Immediate support is seen at 0.9850, while resistance is at the 0.9877 level.

Flavio Tosti Independent Analyst

USD/CHF daily chart

USD/CHF is trading near two-month lows below the main SMAs ahead of the Fed’s rate decision at 19:00 GMT and the press conference at 19:30. Earlier in the New York session, the Consumer Price Index ex Food & Energy (YoY) came in line with expectations at 2.3% in November.

USD/CHF four-hour chart

The market is consolidating the recent losses just above the 0.9850 support and below the main SMAs. The bears seem to be in control ahead of the FOMC. A break below the 0.9850 support should open the gates to further losses towards 0.9825 and 0.9805 price levels, according to the Technical Confluences Indicator.

USD/CHF 30-minute chart

USD/CHF is trading below the 100 and 200 SMAs on the 30-minute chart suggesting a bearish bias. Resistance is seen at the 0.9877, 0.9897 and 0.9918 levels.

Additional key levels

USD/CHF

Overview
Today last price	0.9858
Today Daily Change	0.0016
Today Daily Change %	0.16
Today daily open	0.9842

Trends
Daily SMA20	0.9918
Daily SMA50	0.9924
Daily SMA100	0.989
Daily SMA200	0.9944

Levels
Previous Daily High	0.9883
Previous Daily Low	0.9833
Previous Weekly High	1.0009
Previous Weekly Low	0.9855
Previous Monthly High	1.0024
Previous Monthly Low	0.985
Daily Fibonacci 38.2%	0.9852
Daily Fibonacci 61.8%	0.9864
Daily Pivot Point S1	0.9822
Daily Pivot Point S2	0.9802
Daily Pivot Point S3	0.9772
Daily Pivot Point R1	0.9872
Daily Pivot Point R2	0.9903
Daily Pivot Point R3	0.9922

Author

Flavio Tosti

Independent Analyst

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