Powell promised pain as the Fed continues its fight against inflation. There is a 73% chance of a 75bps Fed rate hike in September. The US dollar hit a new two-decade high at 109.450. Today’s USD/CHF price analysis is bullish as markets expect a 75bps rate hike from the Federal Reserve in September. Hopes that the central bank will once again come to the aid of the markets were dashed by Federal Reserve Chair Jerome Powell’s threat of inflation-controlling policy “pain.” -Are you interested in learning about the forex indicators? Click here for details- Isabel Schnabel, a board member of the European Central Bank, delivered a tough love message over the weekend, cautioning that central banks must now take decisive action to battle inflation, even if doing so sends their economy into recession. “The main takeaway is taming inflation as job number one for the Fed, and the Funds Rate needs to get to a restrictive level of 3.5-4.0%,” said Jason England, global bonds portfolio manager at Janus Henderson Investors. With rates expected to peak at between 3.75% and 4.0% and stay there for longer, futures are currently pricing in a roughly 73% chance that the Fed will raise rates by 75 basis points in September. What the August payroll data will reveal this Friday might have a significant impact. Following July’s record-breaking surge of 528,000, analysts anticipate a mild increase of 285,000. As markets priced in a potential economic slump, the aggressive central bank chorus increased short-term yields internationally while further inverting the Treasury curve. All of these factors helped the safe-haven dollar, which soared to a new two-decade high of 109.450 against a basket of major currencies, surpassing the previous peak in July. USD/CHF key events today There won’t be any significant news releases from the US or Switzerland today, so the pair will likely extend Friday’s gains. Get FREE Forex Signals Now! USD/CHF technical price analysis: Bulls to close above 0.96932 for further upside Looking at the 4-hour chart, we see the price in a solid bullish trend as it is trading well above the 30-SMA. The RSI, which trades above 50, also favors bullish momentum. –Are you interested in learning more about British Trade Platform Review? Check our detailed guide- Bulls are currently attempting a break above a critical resistance level at 0.96932. The price will increase if the current candle can close above this level. However, if it does not, we might see the price retesting the 30-SMA. Looking to trade forex now? Invest at eToro! Trade Forex Now! 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next GBP/USD Price Finds No Respite, Eying 1.16 as USD Bulls Intensify Olimpiu Tuns 1 month Powell promised pain as the Fed continues its fight against inflation. There is a 73% chance of a 75bps Fed rate hike in September. The US dollar hit a new two-decade high at 109.450. Today's USD/CHF price analysis is bullish as markets expect a 75bps rate hike from the Federal Reserve in September. Hopes that the central bank will once again come to the aid of the markets were dashed by Federal Reserve Chair Jerome Powell's threat of inflation-controlling policy "pain." -Are you interested in learning about the forex indicators? Click here for details- Isabel Schnabel, a board member of… Regulated 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.