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USDCHF: Bears move down
2023-03-23
893
Fundamental analysis:
USD/CHF remained volatile around 0.91730. The market expects that the Swiss National Bank will continue to raise interest rates by 50 basis points on Thursday. The decision to raise interest rates may boost the Swiss Franc because it shows that the Swiss Central Bank remains confident in the soundness of the entire Swiss financial system. Meanwhile, higher interest rates offered by Switzerland will provide another kind of support for the franc.
US dollar Swiss franc USDCHF - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains volatile and continues downward, and the short-term decline may continue. The market as a whole is in a bearish downward trend. The MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line.
Resistance levels: 0.92107 0.92352
Support levels: 0.91499 0.91275
Trading strategy: bearish below 0.91862, target 0.91499 0.91275
Alternative strategy: Bullish above 0.91826, target 0.92107 0.92352
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