USD/CHF eyeing for a bullish break-out above 0.9660

The upcoming FOMC meeting seems to extend support for the greenback and assisting the USD/CHF pair to build on to its move above 0.9600 handle to currently trade around 4-day high level of 0.9660.

Despite of the ongoing 'Brexit' concerns, the pair seems to have found buying interest as investors turn cautious ahead of the much awaited outcome of the Fed meeting on Wednesday and SNB's quarterly policy assessment on Thursday, which will include fresh growth and inflation forecasts. 

The recent price action indicates a range-bound move, with narrowing trading range, pointing towards a consolidation phase before an imminent break-out.

Technical outlook

Mohammed Isah, Technical Strategist at FXTechstrategy notes, "On the downside, support lies at the 0.9600 level. A turn below here will open the door for more weakness towards the 0.9550 level and then the 0.9500 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9700 level where a break will clear the way for more strength to occur towards the 0.9750 level. Further out, resistance comes in at the 0.9800 level. All in all, USDCHF remains biased to the downside on more weakness."