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USDCHF: wide range shock
2023-05-31
769
Fundamental analysis:
USD/CHF remained volatile around 0.90571, as the Swiss Social Democratic Party has drafted a proposal to shrink UBS's assets following its acquisition of Credit Suisse. The combined bank would have a balance sheet of around 1.5 trillion francs, about twice the size of the Swiss economy, and pose huge risks for the country, not least because of the implicit government guarantee it enjoys.
US dollar Swiss franc USDCHF - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart shows: high short-term wide fluctuations, the market as a whole is in the trend of long-term high-level consolidation, and has not been able to break out of the high-level range shock in the short term, the MACD indicator is in the long-term zone consolidation, and the RSI indicator is hovering weakly above the 500 equilibrium line;
Resistance levels: 0.90713 0.90852
Support levels: 0.90331 0.90188
Trading strategy: Bullish above 0.90480, target 0.90713 0.90852
Alternative strategy: bearish below 0.90480, target 0.90331 0.90188
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