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USDCHF: Bears on the downside
2023-03-24
856
Fundamental analysis:
USD/CHF remained volatile around 0.91638. Switzerland’s central bank policy rate until March 23 was 1.5%, expected 1.50%, and the previous value was 1.00%. The Swiss National Bank raised interest rates by 50 basis points to 1.50%, in line with market expectations, and the interest rate reached the highest level since October 2008.
US dollar Swiss franc USDCHF - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics are moving downward in a stepwise manner, and the short-term decline may continue. The market as a whole is in a bearish downward trend, the MACD indicator is in the short-selling area, and the RSI index is hovering in the short-selling area;
Resistance levels: 0.91981 0.92209
Support levels: 0.91389 0.91185
Trading strategy: bearish below 0.91757, target 0.91389 0.91185
Alternative strategy: Bullish above 0.91757, target 0.91981 0.92209
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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