USD/CHF has bounced back and now is located at 0.8994 level after the US Dollar Index (DXY) rallied on Friday. The DXY has managed to pass above the immediate high after the US inflation data was reported better than expected. The USD needs more support from the US economy to be able to resume its growth. On that score there were positive signs last week from the consumer that drives the all-important services sector. The US Michigan Consumer Sentiment gauge improved further to to 86.4 in June, which was better than the 84 expected by the market market. The FOMC Meeting and the retail sales data could be decisive this week. The Fed is expected to maintain its monetary policy unchanged during June’s meeting. Still, any hint that the Federal Reserve will take action in the upcoming period could boost the DXY and could force the USD to appreciate. Get Forex Signals! All eyes on US retail sales data tomorrow The US retail sales data will be released tomorrow. Retail Sales data is expected to drop by 0.6%, while the Core Retail Sales could increase by 0.4% versus a 0.8% drop registered in the former reporting period. Better-than-expected data could help the dollar to resume its growth ahead of the FOMC. For now the market is convinced by the pronouncements from the Fed concerning the transitory nature of elevated inflation, which the US central bank expects to fall back as pent-up demand alleviates and pressures on raw materials and other input prices calms. Despite US inflation figures last week seemingly running hot, US bond yields did not rise as would normally be expected, which is taken as evidence of the fixed income markets willingness to agree with the Fed on the transitory inflation scenario. USD/CHF price: trapped in a narrow range USD/CHF is trapped within a narrow range between 0.8930 and 0.9051 levels. The pair has developed something like a Double Bottom pattern. Still, this pattern could be activated and confirmed if the price makes a new higher high, a valid breakout above 0.9051. The pair is traded above the weekly pivot point (0.8971) and beyond the 150% Fibonacci line of the descending pitchfork. The next upside target is seen at the weekly 0.9016. Also, the price could be attracted by the lower median line (lml) of the descending pitchfork if the DXY resumes its growth. Technically, USD/CHF could move sideways before the FOMC. Maybe this high-impact event could bring us a clear direction, a valid breakout from this range. A larger growth could be indicated by an upside breakout from this pattern. Any advance by the US dollar may run into the still solid wall of the Swiss Franc’s safe haven status. Although the near-term outlook is Get Free Forex Signals – 82% Win Rate! Get Forex Signals! 3 Free Forex Signals Every Week – Full Technical Analysis Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Daily LookMajorsUSD/CHF Forecast share Read Next Soybean prices to hold above $10/bu and end 2021 at $12/bu – OCBC FX Street 6 months USD/CHF has bounced back and now is located at 0.8994 level after the US Dollar Index (DXY) rallied on Friday. The DXY has managed to pass above the immediate high after the US inflation data was reported better than expected. The USD needs more support from the US economy to be able to resume its growth. On that score there were positive signs last week from the consumer that drives the all-important services sector. The US Michigan Consumer Sentiment gauge improved further to to 86.4 in June, which was better than the 84 expected by the market market. The FOMC… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.