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USDCHF: Test support near 0.9600
2022-07-25
1376
Fundamental analysis:
The U.S. dollar index retreated as traders cut their bets on an aggressive 100 basis point rate hike by the Federal Reserve in July. Fed policymakers signaled on Friday that they may hold on to raising rates by 75 basis points at their July 26-27 meeting, but recent high inflation readings suggest a larger rate hike may be needed later this year.
USD/CHF USDCHF daily chart
A brief technical analysis:
Daily chart: The short-term exchange rate continues to fall and test the long-short turning area. The MACD is running on the 0-axis but the volume can continue to shrink slightly. The RSI continues to fall. Whether the turning area support is valid.
Long and short turning point: 0.9600
Suppression bit: 0.9800 1.0000
Support level: 0.9400 0.9200
Trading strategy: bullish above 0.9600, target 0.9800, 1.0000
Alternative strategy: bearish below 0.9600, target 0.9400, 0.9200
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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