USDCHF is in the middle of a correction from its uptrend, but it looks like the rising trend line and area of interest are holding as support. If so, price could resume the climb to the bullish targets marked by the Fib extension tool.

The 38.2% level is near the .9300 major psychological mark while the 50% level is at .9312. The 61.8% level lines up with the swing high at .9332 then the 76.4% level is at .9358. The full extension is near the .9400 major psychological mark.

The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that support is more likely to hold than to break. The gap between the indicators is widening to reflect sustained bullish momentum, and price is finding support at the 200 SMA dynamic inflection point.

Stochastic is heading higher to show that buyers are in control, but the oscillator is closing in on the overbought zone. RSI has more room to climb before indicating overbought conditions, so price could follow suit while buyers have energy left.

The dollar’s movements could hinge on the outcome of the FOMC decision, although no actual interest rate changes are eyed for now. Instead, the central bank would likely confirm whether or not they’re about to taper asset purchases by November.

Updated economic forecasts are also up for release, and positive revisions to growth and inflation forecasts might be bullish for the dollar. After all, this could mean an earlier interest rate hike than initially expected.

The updated dot plot forecast of interest rate changes should also provide some guidance on borrowing costs in the near future, as hawkish revisions might also be bullish for the US currency.

The SNB is scheduled to make its monetary policy decision tomorrow, but no changes to their current policy are eyed.