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Will the Greenback resume its rally once U.S. traders return to the markets?

Here’s an area of interest to watch on USD/CHF.

Before moving on, ICYMI, I’ve listed the potential economic catalysts that you need to watch out for this week. Check them out before you place your first trades today!

Fresh Market Headlines & Economic Data:

Upcoming Potential Catalysts on the Economic Calendar:

  • OPEC-JMMC meetings still ongoing
  • BOC Business Outlook Survey results due 2:30 pm GMT

What to Watch: USD/CHF

USD/CHF 1-hour Forex Chart
USD/CHF 1-hour Forex Chart

U.S. traders are still out enjoying the Fourth of July festivities today, but returning to the markets soon might bring another round of rallies for the Greenback.

Recall that Uncle Sam just printed stronger than expected jobs numbers last Friday, so this upside surprise might still get bullish vibes going.

To add to that, dollar traders might also be keen to price in expectations for the release of the FOMC minutes this week.

Although Fed head Powell tried to downplay the pickup in inflation, the transcript of their policy meeting might reveal that more FOMC members are shedding their dovish feathers.

If dollar bulls charge again, USD/CHF could bounce off this area of interest visible on the 1-hour time frame. Price is sitting on the 50% Fib that lines up with the 200 SMA dynamic inflection point and a former resistance zone.

Stochastic is suggesting that bullish pressure could pick up from here since the oscillator is starting to climb out of the oversold region.