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USDCHF: Bears on the downside

2023-03-07
509
Fundamental analysis:

USD/CHF remained volatile around 0.93174, and the Swiss central bank may need to further tighten monetary policy. Inflation figures for February were much higher than our expectations, and the SNB must tighten monetary policy further, stronger than so far expected.

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 moving downward, the short-term decline may continue, the market as a whole is in a weak downward trend, the MACD indicator is in the bearish area and continues to decline, and the RSI indicator is hovering below the 50 balance line;

Resistance levels: 0.93385 0.93537

Support levels: 0.93043 0.92918

Trading strategy: bearish below 0.93247, target 0.93043 0.92918
Alternative strategy: Bullish above 0.93247, target 0.93385 0.93537

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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