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Usdchf!

CHF Loses Ground After The SNB Rate CutToday, the Swiss National Bank cut its interest rate, dropping from +1.75% to +1.50%. Last time we saw any changes made in the rate were back in June 2023, when the Bank lifted the rate from +1.75% to +1.50%. After the release of the news CHF devalued against all of its major counterparts, even against the currently-weak USD. Looking at the technical picture of EASYMARKETS:USDCHF on our daily chart, we can see that the pair popped higher today after the SNB release. The rate rose above a key resistance barrier, at 0.8886, which is the highest point of February. As long as EASYMARKETS:USDCHF continues to trade above that barrier, we will stay positive, at least with the near-term outlook. Given that the pair had already reached and overshot one of our key resistance areas, at 0.8954, we will continue aiming higher. That's when we will target the 0.9052 obstacle, or even the 0.9113 level, marked by the highest point of November 2023. In order to shift our attention to some lower areas, a break of a short-term tentative upside support line taken from the lowest point of December 2023, is needed. This way a directional change of the current uptrend may occur, possibly inviting more sellers into the game. EASYMARKETS:USDCHF could then fall to the current lowest point of March, at 0.8730, a break of which may set the stage for a move to the 0.86500 area. That area is marked near the inside swing highs of January 29th and February 1st.
by easyMarkets
USDCHF extends pullback from 15-week high as the key week beginsUSDCHF stays pressured toward 0.8800 early Monday as traders await the key Swiss inflation data, namely the Consumer Price Index (CPI) for February, as well as this week’s Testimony from Fed Chairman Jerome Powell and US employment report for the last month. In doing so, the Swiss Franc pair extends the previous day’s retreat from the highest level since mid-November while reporting a failure to cross a horizontal region comprising multiple levels marked since October 19 and the 200-SMA. Given the bearish MACD signals and the upbeat RSI conditions, the latest pullback is likely to extend, which in turn highlights the 0.8770-65 support zone encompassing the 100-SMA and an upward-sloping trend line from late December. Should the quote manage to break the 0.8765 support, January’s peak of 0.8728 will act as the final defense of the buyers. Meanwhile, the USDCHF pair’s recovery needs validation from the firmer Swiss inflation data and the 200-SMA, close to 0.8835 at the latest. Even so, the aforementioned multi-day-old horizontal area near 0.8885-8910 will be a tough nut to crack for the pair buyers before retaking control. It’s worth noting, however, that the quote’s sustained trading beyond 0.8910, backed by Fed Chair Powell’s dovish tone and downbeat US jobs report, could help the quote cross the 0.9000 psychological magnet to aim for the November 2023 peak surrounding 0.9110. Overall, USDCHF is likely to extend the latest retreat but the pair’s downside appears to have a little room towards the south.
by MTradingGlobal
usdchf sell if you're considering selling USD/CHF (the US Dollar against the Swiss Franc) due to an ABC correction wave, it suggests that you believe the market has completed the A and B waves, and you expect a strong downward movement (C-wave) to follow. This would mean you're anticipating a further decline in the USD/CHF exchange rate. However, trading decisions should be based on thorough analysis that includes not only technical patterns like the ABC correction but also fundamental factors, market sentiment, and risk management strategies. It's also important to note that forex trading involves substantial risk, and it's always a good practice to consult with a financial advisor or do your own research before making any trading decisions. If you're not an experienced trader, it might be wise to practice caution and consider gaining more knowledge before entering the market.
Short
by Greenfireforex