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USDCHF: High level consolidation

2023-09-10
673
Fundamental analysis:

USD/CHF remained volatile around 0.89338, with senior Fed officials hinting that the Fed would keep interest rates unchanged at its September meeting. But they refused to declare victory in the fight against inflation. Lorie Logan, president of the Federal Reserve Bank of Dallas and a voting member of the 2023 Federal Open Market Committee (FOMC), became the latest official to support keeping the benchmark interest rate at a 22-year high at the FOMC meeting later this month.

USDCHF USDCHF - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high level remains volatile in the short term, the market's bullish sentiment remains, and there is a continued upward movement in the short term. The MACD indicator is consolidating at a high level in the bullish zone, and the RSI indicator remains hovering in the bullish zone;

Resistance level: 0.89429 0.89527

Support level: 0.89158 0.89049

Trading strategy: Bullish above 0.89275, target 0.89429 0.89527
Alternative strategy: bearish below 0.89275, target 0.89158 0.89049

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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