USDCHF: Potential risk!
The USD/CHF has dropped to a fresh low for the week, falling below the 0.9126 level. This decline is attributed to recent economic data from the US that indicates a decrease in inflation, leading to speculation that the Fed may halt its tightening cycle. This has resulted in increased pressure on the US dollar. As of now, the USD/CHF is trading at 0.9127, which is lower than its initial value.
USDCHF Technical analysis: Despite the USD/CHF's attempt to reach 0.9100, sellers were unable to break it decisively. The flat readings of technical indicators, such as the Relative Strength Index (RSI) and the Rate of Change (RoC), suggest that sellers are leaving the market. However, if the USD/CHF falls below 0.9100, it could challenge the year-to-date low of 0.9059. Conversely, if buyers regain 0.9150, it could lead to a rebound towards 0.9200 and higher.
It is probable that the decline will persist!
USDCHF Technical analysis: Despite the USD/CHF's attempt to reach 0.9100, sellers were unable to break it decisively. The flat readings of technical indicators, such as the Relative Strength Index (RSI) and the Rate of Change (RoC), suggest that sellers are leaving the market. However, if the USD/CHF falls below 0.9100, it could challenge the year-to-date low of 0.9059. Conversely, if buyers regain 0.9150, it could lead to a rebound towards 0.9200 and higher.
It is probable that the decline will persist!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.