Fed Fuels Dollar RallyThe USDCHF breakout idea issued ahead of the FOMC meeting minutes is now close to reaching its initial target at .9288. With the minutes confirming that the Fed is well and truly in hawkish mode, the market is primed towards further USD upside, especially against currencies linked to central banks still stuck in easing mode. Given the SNB’s commitment to maintaining an easing presence in the market, there is plenty of scope for USDCHF to run higher near term should USD data continue to encourage bulls. Indeed, even last week’s mixed US jobs report hasn’t weakened upside sentiment in the pair.Keep An Eye OnTomorrow’s US CPI reading will be crucial for this trade. A strong print today will keep the market firmly focused on a March rate hike from the Fed, driving USDCHF higher. With the retail market around 60% short the pair, there is plenty of room for the current rally to continue if today’s data satisfies. Above .9288, .9356 is the bigger target.