USD/CHF struck a fresh 2 ½-month high of 0.9873 earlier on the day, but failed to sustain gains and pulled back slightly before settling in a range over the last hours. At time of writing, the pair is trading at 0.9840, recording a % loss on the day.
Attention shifts now to the FOMC decision to be announced at 18:00 GMT. There is no press conference or updated projections scheduled so statement will be closely scrutinized for signs on whether the Fed remains on track to hike rates in December.
USD/CHF levels to watch
In terms of technical levels, next resistances are seen at 0.9889 (Aug 12 high), 0.9902 (Aug 11 high) and 0.9982 (Mar 19 high). On the flip side, supports could be faced at 0.9805 (Oct 27 low), 0.9755 (Oct 26 low) and 0.9721 (Oct 23 low/38.2% Fibo retracement of 0.9475-0.9873).
As most pairs in the FX space, USD/CHF has entered a consolidative phase ahead as investors await the Federal Reserve monetary policy decision.