USDCHF potential short 2R
Fondamental :
Traders priced a 25 points rate cut this year
Technical Analysis Based on the Chart :
The accompanying USD/CHF chart highlights a clear downtrend, reinforced by a break below a key support level at 0.90046. Key technical observations include:
Moving Averages: The 50-day Simple Moving Average (SMA) is at 0.9052, while the 200-day SMA is at 0.90878. The current price is below these moving averages, indicating sustained selling pressure.
Fibonacci Retracement: Fibonacci retracement levels show resistance at 0.90046 (50%) and 0.90357 (61.8%). These levels could act as potential reversal points if there is a corrective rebound.
Support and Resistance Levels: Immediate support is around 0.89552. A break below this level could lead to testing the lower support at 0.88776.
Market Sentiment: The Swiss franc, often viewed as a safe haven, may continue to gain against the USD amid geopolitical tensions and economic uncertainties, especially if the Federal Reserve's outlook remains unclear.
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