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USDCHF: Bulls continue to gain momentum
2022-08-21
1322
Fundamental analysis:
At the beginning of the Asian session on Friday (August 19), the U.S. dollar index continued its overnight gains, slightly refreshing a nearly one-month high of 107.61. The dollar rose 0.82% to end at 107.51 on Thursday as Fed officials spoke of the need for further rate hikes and investors reassessed minutes from the Fed's July meeting released on Wednesday as more hawkish than initially read.
USD/CHF USDCHF daily chart
A brief technical analysis:
From the daily chart: the short-term exchange rate continues to rise strongly, the MACD runs below the 0-axis but the volume continues to shrink below the 0-axis of volume and energy, and the RSI continues to rise. It is expected that the short-term exchange rate will likely rise further.
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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