The pair pared some of its gains after Fed's monetary policy. The central bank hiked interest rates by 50 bpbs.plans to trim its $9 trillion balance sheet. "The Committee is highly attentive to inflation risks," the FOMC said in its updated policy statement. The US dollar lost its shine Fed Chairman ruled out a 75 bpbs rate hike in the next meeting. USDCHF hits an intraday low of 0.97095 and is currently trading around 0.97664.
Markets eye US initial jobless claims for further direction.
Bullish scenario-
The primary level to Watch – is 0.9860. Any convincing surge above confirms intraday bullishness. A jump to 0.9900/1.000 is possible.
Bearish scenario-
Intraday support – 0.97000. Break below that level will take the pair to 0.9660/0.9600.
Indicators (Daily chart)
Directional movement index – Neutral
CCI (50) - Bullish
It is good to sell on rallies around 0.9800 with SL around 0.9860 for a TP of 0.9660.
