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Stocks down towards USD, USD/CHF continues to decline
2022-05-29
810
Fundamental analysis:
The dollar tumbled for a second straight week, with the S&P 500 posting its biggest weekly gain in 1-1/2 years, as traders lowered expectations for a rate hike by the Federal Reserve and improving inflation and consumer spending data eased recession fears.
USD/CHF USDCHF daily chart:
Technical analysis: The daily moving averages are in a bearish arrangement, the exchange rate continues to decline, the MACD is running above the 0-axis but the volume is slightly under the 0-axis, and the RSI is falling rapidly. It is expected that the short-term exchange rate will likely fall further.
Long-short turning point: 0.9730
Suppression bit: 0.9870 1.0000
Support: 0.9600 0.9480
Trading strategy: bearish below 0.9730, target 0.9600, 0.9480
Alternative strategy: bullish above 0.9730, target 0.9870, 1.0000
The above analysis is a personal opinion and is for reference only.
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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