According to media reports, the US Court of International Trade has:

• declared the tariffs imposed by President Donald Trump illegal;
• ruled that the President exceeded his authority;
• blocked the tariffs, emphasising that under the US Constitution, only Congress has the power to impose tariffs.

The decision was made unanimously by a panel of three judges. Financial markets reacted with:

• a rise in US stock indices;
• strengthening of the US dollar — most notably seen today on the USD/CHF chart, as demand for so-called safe-haven assets declined in light of the tariff reversal.

Technical Analysis of the USD/CHF Chart

The bullish momentum has broken upward through:

• a local downward trendline (shown in red);
• resistance at the 0.8300 level, near the May 22 high.

Additionally:

• the RSI indicator on the 4-hour chart has moved upwards to the overbought territory;
• the area highlighted with a purple rectangle resembles a bullish Fair Value Gap.

Could this upward momentum lead to a sustained uptrend? There is reason for doubt.

Consider the steep decline in USD/CHF in early April (driven mainly by the introduction of Trump's tariffs) and the relatively small size of today's bullish candle compared to that prior drop.

Price action seems to suggest that market participants are skeptical about any lasting change in the situation. The Trump administration has already filed an appeal, and it’s possible the White House could succeed in defending its position.

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