USD/CHF Holds Above 200-Day SMA as Inverse Head-and-Shoulders Pattern Remains Intact
The USD/CHF pair traded steady near 0.7932 on Wednesday as traders awaited the Federal Reserve's policy decision, with the central bank expected to keep interest rates unchanged. Technical indicators show the pair remains above the 200-day simple moving average, with an inverse head-and-shoulders pattern still in play.
The USD/CHF pair is holding steady on Wednesday around the 0.7932 level, as market participants focus on the upcoming Federal Reserve monetary policy decision. The Fed is widely expected to maintain its current interest rate, which has kept the pair range-bound.
From a technical perspective, the pair continues to trade above the 200-day simple moving average (SMA), a key support level. The inverse head-and-shoulders pattern remains intact, suggesting potential upside momentum if the pattern completes.
Traders are monitoring the Fed's statement for any forward guidance on future rate moves, which could trigger a breakout from the current consolidation.
Source: FXStreet Forex News