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USDCHF: Bears on the downside
2023-03-06
976
Fundamental analysis:
USD/CHF remained volatile around 0.93607 as a string of unexpectedly strong economic reports in recent weeks could prompt a more hawkish central bank response, so the dollar and bond yields rose on expectations of higher interest rates.
US dollar Swiss franc USDCHF - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics are oscillating downward, and the short-term decline may continue. The market as a whole is in a bearish mood. The MACD indicator is in the bullish area and the shock is moving downward, and the RSI indicator is hovering below the 50 balance line;
Resistance levels: 0.93836 0.93987
Support levels: 0.93458 0.93331
Trading strategy: bearish below 0.93582, target 0.93458 0.93331
Alternative strategy: bullish above 0.93682, target 0.93836 0.93987
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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