During the morning session, the USD/CHF pair is holding near 0.8030. Market activity remains subdued as US trading floors were closed on Monday for a national holiday, and key macroeconomic indicators are not being published due to the ongoing shutdown, which has been in effect for two weeks.

The USD/CHF pair is trading in a corrective trend at 0.8011, preparing for an upward momentum supported by the Swiss National Bank’s monetary policy decisions.

This week, the USD/CHF pair broke out of the short-term sideways range of 0.7996–0.7935 (Murrey levels [3/8]–[2/8]) and is trading around 0.8020. Despite the development of a “bullish” momentum, the final direction of movement will be determined after the decisions of the US Fed and the Swiss National Bank (SNB) on monetary policy.

Growth is possible.

On the daily chart, the downward third wave of the highest level (3) of 5 ended, and the upward correctional fourth wave (4) of 5 forms. Now, the correctional wave B of (4) has ended, and the upward wave C of (4) is forming. If the assumption is correct, the USD/CHF pair will grow to the area of 0.8181–0.8375. In this scenario, the critical stop loss level is 0.7900.