USD/CHF steady above 0.9970 after rejection at 1.0000

• The US dollar remains steady, right below the 1.0000 psychological level.
• The greenback ticks up with all eyes on the Fed's minutes.
• US producer prices confirm the persistent inflationary pressures.

The US dollar failed in its attempt to break above parity against the Swiss franc during Wednesday’s early US session. The pair, however, remains slightly positive on the daily chart, so far supported above 0.9970 so far.

The greenback edges up ahead of the Fed’s minutes

With investors' sentiment brightening up as US stock markets shift into positive territory after a moderately negative opening, the US dollar keeps moving within a tight range near the 1.0000 psychological level, with all eyes on the release of the Fed minutes.

Later today, the minutes of September’s monetary policy meeting will be explaining the reasons for the third consecutive 0.75% interest rate hike. Most importantly, they will be also carefully observed to assess any hint about the details of the next monetary policy decision.

Regarding macroeconomic events, the US Producer Prices Index accelerated by 0.4% in September, beating expectations of a 0.2% increment. These figures confirm that inflation pressures persist, despite the Fed’s monetary policy and increase the odds for another aggressive rate hike in November.

USD/CHF keeps pushing against 1.0000

From a technical perspective, immediate resistance remains at the 1.0000 psychological level, which is capping upside attempts. Above here, 1.0020 (October 11 high) and 1.0065 (May 12 high) are the next potential targets.

On the downside, immediate support lies at 0.9970 (50-hour SMA) and below here, probably the 100-hour SMA, at 0.9950 before October 11 low at 0.9915.

Technical levels to watch