USD/CHF trades on a stronger note around 0.9210 ahead of the Fed rate decision on Wednesday.
The pair keeps the bullish vibe with the overbought RSI condition.
The first upside barrier is seen at 0.9245; the initial support level is located at 0.9155.
The USD/CHF pair extends its upside to 0.9210 on Wednesday during the early European session. A renewed US Dollar (USD) demand creates a tailwind to a major pair. Furthermore, the Fed is widely expected to keep the policy rate in its current 5.25%–5.50% range on Wednesday and continue to maintain the hawkish stance, which provides some support to the Greenback.
Technically, USD/CHF maintains the bullish outlook unchanged on the four-hour chart as the cross is above the key 50- and 100-period Exponential Moving Averages (EMAs). The Relative Strength Index (RSI) holds in bullish territory above the midline. However, the overbought RSI condition indicates that further consolidation cannot be ruled out before positioning for any near-term USD/CHF <wbr>appreciation.
A decisive break above the upper boundary of the Bollinger Band at 0.9210 will see a rally to a high of October 3, 2023, at 0.9245. Any follow-through buying above this level will expose the 0.9300 psychological round mark. The next upside target is seen at a high of March 16, 2023, at 0.9340.
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