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USDCHF: shock retracement
2022-12-28
1146
Fundamental analysis:
USD/CHF remained volatile around 0.92933, and the big market debate about 2023 has begun: The Fed has said it expects to continue raising interest rates, but traders have been digesting rate cuts. Company executives have warned of a potential recession, but economists at some institutions, including Goldman Sachs Group AG and Credit Suisse Group AG, believe the U.S. economy will avoid one in 2023.
US dollar Swiss franc USDCHF - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics are oscillating and retracing, the short-term decline may continue, the market as a whole is in a weak position, the MACD indicator is in the bullish area and slowly moves down to the 0 axis, and the RSI indicator is in a weak order below the 50 balance line;
Long-short turning point: 0.92984
Suppression: 0.93131, 0.93262
Support: 0.92793, 0.92658
Trading strategy: bearish below 0.92984, target 0.92793, 0.92658
Alternative strategy: Bullish above 0.92984, target 0.93131, 0.93262
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