USD/CHF will continue its rally in coming sessions

The pair will continue its rally in coming sessions, sending the pair higher to retest a key resistance line. A US report on expectations for the federal budget for the year 2021 is due today, February 12. Analysts were anticipating a higher budget for next year as US President Donald Trump increased budgets to counter China. In addition to this, Federal Reserve Chairman Jerome Powell is set to speak before the public. He will give updates on the current economic outlook of the country and recent monetary actions it has taken. Meanwhile, President Trump is getting wary of Switzerland. The US places the European country on its trade watchlist after Bern’s trade surplus with Washington totaled to $21.8 billion in the fourth quarter. This was despite the country having a current account surplus of 10.7% of its GDP on the same period. In line with this, Donald Trump is seeking a trading agreement with Switzerland to limit the trade surplus.