Ella 
Entering Thursday’s European session, USD/CHF rose slightly above the 0.8800 area. The pair has been in a consolidation phase since July 27.
Upbeat U.S. data and the possibility of further interest rate hikes by the Federal Reserve are the main drivers behind a stronger dollar and a boost in USD/CHF. The minutes of the Federal Reserve meeting emphasized that inflation remains highly uncertain, while Fed officials opened the door to further rate hikes to bring inflation back to the long-term target level.
From a technical point of view, USD/CHF is holding above the rising 50 and 100 hourly EMAs, implying that its path of least resistance is to the upside. In addition, the RSI is above 50, while the MACD is holding above the bullish zone, supporting the bulls for the time being.
Short-term resistance is at 0.8830 (14 Aug high). The upper resistance is at 0.8875 (July 7 high) and the psychological integer mark of 0.8900. Above the latter, the next hurdle lies at 0.8920 (July 10 high).
On the downside, 0.8770 (50 hourly EMA and 15 Aug low) acts as an initial support level. Further down, the next stop is 0.8755 (100 hourly EMA, 11 Aug low). An intraday pullback below the latter could point the pair towards the next support level at 0.8700. This is where the August 4th low and the psychological round numbers are located. The next downside target is 0.8665 (July 31 low).
