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USDCHF: M head first appeared, short selling on rallies
2022-06-19
67596
Fundamental analysis:
The Swiss National Bank raised its policy rate from -0.75% to -0.25%, by such a large margin that it completely exceeded market expectations. Some economists said the SNB raised interest rates for the first time since 2007, but it was unlikely to be the last, and the bank could say goodbye to negative rates this year.
USDCHF daily chart
A brief technical analysis:
Daily chart: The short-term plummeted from the upper track and fell below the middle track. During the backtesting, the middle track was difficult to change. The Bollinger Bands indicator opened but continued to move without direction. Volume, RSI fell rapidly, and it is expected that the short-term exchange rate will likely rebound and further decline.
Long and short turning point: 0.9800
Suppression bit: 1.0000 1.0200
Support: 0.9600 0.9400
Trading strategy: bullish above 0.9800, target 1.0000, 1.0200
Alternative strategy: bearish below 0.9800, target 0.9600, 0.9400
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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