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

  

 

 

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. 

 

 

 

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 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.