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USDCHF: 0.9600 becomes suppressed
2022-07-29
1187
Fundamental analysis:
The dollar traded near 106.17, having edged lower on Thursday as the U.S. economy shrank again in the second quarter, fueling speculation that the Federal Reserve will not raise interest rates as aggressively as previously expected.
USD/CHF daily chart
A brief technical analysis:
From the daily chart: the short-term exchange rate continues to decline after breaking through the long-short turning area. MACD runs near the 0-axis but continues to increase volume slightly below the 0-axis of volume and energy. RSI continues to fall. It is expected that the short-term exchange rate will likely fall further.
Long and short turning point: 0.9600
Suppression bit: 0.9800 1.0000
Support level: 0.9400 0.9200
Trading strategy: bearish below 0.9600, target 0.9400, 0.9200
Alternative strategy: bullish above 0.9600, target 0.9800, 1.0000
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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