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USDCHF: There is still support after the pullback
2022-10-23
1222
Fundamental analysis:
The dollar index, which tracks the greenback against a basket of six major currencies, rebounded after hitting a new low of 111.768, its lowest since Oct. 6, and was on track for a third straight week of gains. Fed officials continued their hawkish rhetoric, endorsing a continuation of their aggressive policy of raising interest rates. The Fed is on track to raise interest rates for the fourth time in a row by 75 basis points.
Daily chart of USD/CHF USDCHF
Technical analysis:
The daily chart shows that the short-term exchange rate rushes high and falls quickly, MACD runs on the 0 axis but the volume can shrink slightly, RSI weakens slightly, and it is expected that the short-term exchange rate will be further backtested.
Long-short turning point: 0.9800
Pressure position: 1.0000 1.0200
Support level: 0.9600 0.9400
Trading strategy: Bullish above 0.9800, targets 1.0000, 1.0200
Alternative strategy: Bearish below 0.9800, target 0.9600, 0.9400
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