USDCHF: Short position moves down low

Fundamental analysis:

The USD/Swiss franc remained volatile around 0.98602. The Federal Reserve raised interest rates by at least 50 basis points at its December meeting, but the possibility of raising interest rates by 75 basis points for the fifth time in a row was less than 45%. The Swiss franc is regarded as an inflation hedging tool. The preliminary results of the mid-term elections in the United States show that the Republican Party is expected to win the majority seats in the Senate and the House of Representatives. The bullish bond market, the bearish US bond yield and the dollar index also tend to provide support for the Swiss franc.

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

Technical analysis:

The 4-hour chart shows that the bearish momentum maintains a narrow range of shocks and slowly moves downward. The market bearish mood is good, and the short-term decline may continue. The MACD indicator is in the low position of the bearish area and the RSI indicator is in the low position of the bearish area, maintaining the consolidation and translation;

Empty turning point: 0.98602

Pressing: 0.98859, 0.99099

Support: 0.98235, 0.98003

Trading strategy: bearish at 0.98602, with targets of 0.98235 and 0.98003

Alternative strategy: bullish above 0.98602, target 0.98859, 0.99099