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USDCHF: Sharp fall of short positions

2022-11-08
562
Fundamental analysis:


The US dollar remained volatile against the Swiss franc at 0.98841. Switzerland's quarterly adjusted unemployment rate in October was 1.9%, expected to be 2.00%, and the previous value was 1.90%. The unemployment rate in Switzerland remained stable in October, and the number of registered unemployed rose slightly from 89526 in September to 89636 in the previous month.


USD/CHF USDCHF - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that the power of short positions drops rapidly, and the short-term low position continues to move downward. The early low position is close to breaking, the MACD indicator is in the short position area and continues to move downward, and the RSI indicator is in the lower side of the 50 equilibrium line;


Empty turning point: 0.98939


Pressing: 0.99144, 0.99371


Support: 0.98638, 0.98456


Trading strategy: bearish at 0.98939, target 0.98638, 0.98456


Alternative strategy: bullish above 0.98939, target 0.99144, 0.99371

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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