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USDCHF: Bears move down
2023-06-02
807
Fundamental analysis:
USD/CHF remained volatile around 0.90616. The Swiss National Bank announced the results of the payment method survey, saying that Switzerland continued to shift from cash payment to cashless payment. There is a general desire for cash to continue to be available as a payment method. Cash transactions have declined further, while mobile payment apps are increasingly used; the trend of cashless payments is likely to continue for the next few years.
US dollar Swiss franc USDCHF - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics remain oscillating and moving down, the short-term decline may continue, the market as a whole is in a continuous downward movement of short positions, the MACD indicator is in the bullish area and oscillating downward, and the RSI indicator maintains oscillating and moves down to the lower side of the 0 axis;
Resistance levels: 0.90769 0.90908
Support levels: 0.90383 0.90227
Trading strategy: bearish below 0.90616, target 0.90383 0.90227
Alternative strategy: Bullish above 0.90616, target 0.90769 0.90908
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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