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USDCHF: high retracement

2023-05-07
841
Fundamental analysis:

USD/CHF remained volatile around 0.89026. Swiss National Bank President Jordan: The possibility of further tightening of monetary policy cannot be ruled out. Core inflation remains very strong. The battle against inflation is not over. Expect more second-round effects in the future.

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



Brief technical analysis:

Looking at the 4-hour chart: After the strong bullish momentum pulled up, it quickly retreated when encountering obstacles. The short-term bearish momentum was strong, and the market began to gradually decline.

Resistance levels: 0.85204 0.89322

Support levels: 0.88897 0.88779

Trading strategy: bearish below 0.89087, target 0.88897 0.88779
Alternative strategy: bullish above 0.89087, target 0.85204 0.89322

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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