USD/CHF is currently trading inside a corrective structure between 0.9900 to 1.0100 area. Today, the economic calendar contains a series of of high impact economic reports from the US. CPI is expected to be positive at 0.3% which previously was at -0.3%, Core CPI is also expected to be positive at 0.2% which previously was at -0.1%. Core Retail Sales are likely to increase to 0.5% which previously was at 0.0%, Retail Sales could be positive at 0.6% which previously were at -0.2%. Moreover, two of the FOMC Members Evans and Harker are going to speak today on further monetary policy and interest rates. On the CHF side, today we do not have any economic events. Today, as a number of US economic events is going to hit the market, the pair is expected to trade with higher volatility. In case of any negative economic report, CHF can gain more grounds soon against USD.
Now let us look at the technical chart. The price has reached the resistance of 1.0100 and showed presence of the sellers off the level. The price is currently in a corrective structure and hitting an important resistance and rejecting it. This clearly signals an upcoming bearish move in this pair. Currently, we are bearish about this pair, expecting the price to move down towards 0.9900 support area until the price breaks above 1.0100 level with a daily close.
