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USDCHF: Bulls climb higher

Fundamental analysis:

The USD/CHF remained volatile around 0.88527. Switzerland’s overall inflation rate unexpectedly remained at 1.6% in August, compared with expectations for a drop to 1.5%. At the same time, the year-on-year increase in core CPI fell from 1.7% to 1.5%. The SNB will announce its latest policy decision on September 21. At present, the market expects that it will suspend interest rate hikes, and the probability of raising interest rates by 25 basis points is currently digested at 35%.

US dollar Swiss franc USDCHF - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is rising at a high level, the market is bullish, and there is a tendency to continue to move upward in the short term. The MACD indicator is in the bullish zone and is slowly rising, and the RSI indicator is weakly consolidating above the 50 equilibrium line;

Resistance: 0.88613 0.88698

Support levels: 0.88406 0.88311

Trading strategy: Bullish above 0.88491, target 0.88613 0.88698
Alternative strategy: bearish below 0.88491, target 0.88406 0.88311

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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