U.S. equity markets rose on Monday in light trading. The upside bias may have been triggered by investors expressing optimism that the Fed will take positive steps toward jumpstarting the economy after several weeks of sluggishness.

The USD CHF posted a daily closing price reversal top on Monday and confirmed the pattern overnight. This type of formation sets up a possible correction back to 1.1184 to 1.1123 over the next 2 to 3 days. The direction of the Euro will dictate the movement in the Dollar/Swiss.

The U.S. Dollar is trading mixed in limited action. Higher metals, crude oil and equities indicate demand is strong for higher yielding assets. This may pressure the Dollar once the New York market opens. Trading conditions are thin because of Friday’s important U.S. Non-Farm Payrolls Report.

On Tuesday, the Federal Reserve left its benchmark interest rate unchanged and reiterated that interest rates would remain low for “an extended period”. In its statement, it also mentioned that inflation remains subdued, and that the weak employment situation seems to have stabilized.