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USD/CHF Awaits Breakout

The US dollar bounces higher as traders bet on the Fed to stay on an aggressive tightening course. With the double top (0.9860) now out of the picture, the directional bias remains up as the greenback consolidates its gains over the 20-day moving average. The narrowing range between 0.9740 and 0.9950 could be a sign of accumulation. A bullish breakout would lift offers back to June’s high at 1.0040, a step closer to resume the uptrend in the medium-term. However, a deeper correction would bring the pair to 0.9620.

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