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USDCHF: save further downlink space

2022-10-27
588
Fundamental analysis:


Until the SNB intervenes to support the Swiss franc, there is still room for the Swiss franc to depreciate against the euro in the near future. The euro rose about 5% against the Swiss franc from the low in September, which may be driven by the reduction of European energy supply risks. However, the Swiss Central Bank policymakers have not commented too much on the weakening of the Swiss franc so far. The Swiss franc has not yet fully reversed its gains, which may explain why the SNB can still hold its ground. This means that EURUSF still has some upside potential until the SNB may "start to feel unhappy about the development of events".


USDCHF Daily Chart


Technical analysis:


The daily chart shows that the short-term exchange rate continues to decline, the MACD turns up and down on the 0 axis and the volume can continue to shrink, the RSI continues to weaken, and the short-term exchange rate is expected to further decline.


Empty turning point: 0.9800


Pressing position: 1.0000 1.0200


Support position: 0.9600 0.9400


Trading strategy: bullish above 0.9800, target 1.0000, 1.0200


Alternative strategy: bearish below 0.9800, target 0.9600, 0.9400

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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