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USDCHF: within a narrow range
2022-12-08
1123
Fundamental analysis:
USD/CHF remained volatile around 0.94091. The unemployment rate in Switzerland was 2% in November without seasonal adjustment, expected to be 2.10%, and the previous value was 1.90%. It was the lowest since December 2001. Despite the slight uptick in the headline figures, similar to other countries in the region, labor market conditions in Switzerland are currently holding up fairly well against a backdrop of an economic slowdown that is starting to accelerate.
US dollar Swiss franc USDCHF - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term narrow range fluctuates downward, the market bearish sentiment begins to emerge, the MACD indicator is weakly hovering below the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Long-short turning point: 0.94136
Compression: 0.94350, 0.94523
Support: 0.93897, 0.93745
Trading strategy: bearish below 0.94136, target 0.93897, 0.93745
Alternative strategy: Bullish above 0.94136, target 0.94350, 0.94523
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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