Breakout Trade ContinuesThe rally in USD this week has seen the USDCHF breakout trade above the .9043 level continues. Following a brief pause around the .9189 level, the subsequent breakout in response to the June FOMC meeting has seen the pair continuing higher with the RSI and MACD both moving higher again now also. Price is now fast approaching the .9288 level targetWith the Fed having revised its dot plot forecasts higher, suggesting that a rate hike could now come as early as 2023, and with growth and inflation forecasts lifted, the market is now fully expecting tapering this year. Furthermore, with the SNB reaffirming its commitment to maintaining easing, the monetary policy divergence between the Fed and the SNB looks set to keep the pair geared towards higher prices.Key Data to WatchThe big focus this week will be the US labour reports at the top of the week. So long as the data doesn’t de-rail the current USD rally, the pair should continue to target. Jobs reports have been fairly volatile this year though, given the broader reopening underway, the market forecast of 700k on the headline number, should at least be met.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/market-spotlight-swissy-approaching-target"
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