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USDCHF: high retracement
2023-05-18
792
Fundamental analysis:
USD/CHF remained volatile around 0.89823. The bankruptcy of Credit Suisse and its acquisition by UBS will be investigated by a parliamentary committee. Swiss broadcaster SRF said the Office of the Council of State, the upper house of Switzerland, had publicly expressed its support for the establishment of a parliamentary investigative committee. The current Swiss parliament did not immediately respond to a request for comment.
US dollar Swiss franc USDCHF - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of high-level short positions remains oscillating and moving downward, and the short-term decline may continue. The market as a whole is in a downward trend of high-level short positions.
Resistance levels: 0.90005 0.90121
Support levels: 0.89680 0.89561
Trading strategy: bearish below 0.89870, target 0.89680 0.89561
Alternative strategy: Bullish above 0.89870, target 0.90005 0.90121
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