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USDCHF: sharp drop at high level
2023-05-03
780
Fundamental analysis:
USD/CHF remained volatile around 0.89308, Credit Suisse's largest shareholder, Saudi National Bank (Saudi National Bank), will hold about 0.5% of the shares of UBS. The Riyadh-based bank is 37 percent owned by the country's sovereign wealth fund and had a roughly 9.88 percent stake in Credit Suisse before UBS agreed to buy it under a historic government-brokered deal.
US dollar Swiss franc USDCHF - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum has fallen sharply, the market is shrouded in short-term sentiment, and the short-term decline may continue. The market as a whole is in a short-term trend. The MACD indicator is finishing on the upper side of the 0-axis, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 0.89478 0.89569
Support levels: 0.89211 0.89115
Trading strategy: bearish below 0.89367, target 0.89211 0.89115
Alternative strategy: bullish above 0.89367, target 0.89478 0.89569
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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