Market Analysis of USDCHF on 21 Sep 2023 Thursday

2023-09-21 12:47Fonte:BtcDana

TECHNICAL ANALYSIS 

On the daily chart, we can see that USDCHF has been in a strong uptrend since August as the US data remined strong while the Switzerland data kept on surprising to the downside. The Switzerland inflation rate is also within the SNB’s target band, so the market has likely positioned already for a pause at the upcoming meeting. Looking ahead, the pair seems to be targeting the 0.9122 resistance and if we get a bigger pullback, the buyers are likely to lean on the upward trendline where we can also find the confluence with the red 21 moving average. On the 1-hour chart, we can see more closely the support zone around the 0.8945 level. From a risk management perspective, the buyers would be better off to wait for a pullback into the support and pile in with a defined risk below it to target a new high. The sellers, on the other hand, should wait for a break below the support before getting the confirmation of a bigger correction.

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