The US Dollar is holding steady near one-month highs as investors reevaluate the likelihood of Federal Reserve cuts in March. The Swiss Franc (CHF) is under pressure following hints from SNB Chairman Thomas Jordan regarding a potential shift in monetary policy.

For USD/CHF, breaking the 0.8675 level is crucial for extending its ongoing recovery, with downside attempts limited to 0.8630. USD bulls are eyeing the mentioned resistance area with continued focus.

Thomas Jordan’s remarks on the Swiss Franc’s strength have prompted a decline in the currency, indicating a possible reconsideration of the SNB’s monetary policy.

In the US, robust Retail Sales data and positive findings in the Fed’s Beige Book on Wednesday contribute to the perception of a strong economic momentum, casting doubts on the prospect of a March rate cut.

Attention now turns to US Weekly Jobless Claims and housing data, with Atlanta Fed President Raphael Bostic’s press meeting expected to provide additional insights into the central bank’s monetary policy.

The current upward trend for the pair has reached the 38.2% Fibonacci retracement of the late 2023 decline at 0.8675, encountering resistance. Beyond this point, the next targets are 0.8720 and the 50% Fib retracement at 0.8780. Support levels include 0.8615 and the previous resistance at 0.8575.