FXstreet.com (Córdoba) - The dollar rose versus the Swiss franc on Wednesday, given the franc's high correlation to the euro due to the EUR/CHF peg, and reached a 9-day high propelled by downbeat EU data and ahead of the FOMC decision.
USD/CHF climbed nearly 50 pips throughout the day and recently hit its highest in over a week at 0.9360. The dollar lost momentum afterward and pulled back slightly to currently trade at the 0.9345 zone, 0.2% above its opening price.
"Regain of 0.9350, Fib 61.8% (of 0.9430/0.9213 downleg) and more significant 0.9387, 200 day MA, is required to confirm bulls for possible re-visiting of strong 0.9400/30 resistance zone", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "However, broader downtrend will remain intact and risk fresh lower top in case of upside failure under 0.9400 zone".
