Created
: 2024.05.01
2024.05.01 14:16
The USD/CHF pair extends its upside to 0.9210 on Wednesday during the early European session. A renewed US Dollar (USD) demand creates a tailwind to a major pair. Furthermore, the Fed is widely expected to keep the policy rate in its current 5.25%-5.50% range on Wednesday and continue to maintain the hawkish stance, which provides some support to the Greenback.
Technically, USD/CHF maintains the bullish outlook unchanged on the four-hour chart as the cross is above the key 50- and 100-period Exponential Moving Averages (EMAs). The Relative Strength Index (RSI) holds in bullish territory above the midline. However, the overbought RSI condition indicates that further consolidation cannot be ruled out before positioning for any near-term USD/CHF appreciation.
A decisive break above the upper boundary of the Bollinger Band at 0.9210 will see a rally to a high of October 3, 2023, at 0.9245. Any follow-through buying above this level will expose the 0.9300 psychological round mark. The next upside target is seen at a high of March 16, 2023, at 0.9340.
On the flip side, the initial support level for the cross will emerge near a high of April 29 at 0.9155. The additional downside filter to watch is the 50-period EMA at 0.9134. The key contention level is located at the 0.9100-0.9110 zone, representing the psychological figure and the 100-period EMA. A breach of the mentioned level will see a drop to the lower limit of the Bollinger Band at 0.9075.
Created
: 2024.05.01
Last updated
: 2024.05.01
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy