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Analysis and Education>Technical Analysis: USDCHF

Technical Analysis: USDCHF

27.03.2024

USDCHF reached a four-month high


On Tuesday, USDCHF increased by 0.5%. It reached 0.9043 at one point, which marked the highest level since November 13.


The prospect for US economic growth was optimistic


On Tuesday, as US economic data was strong, the market was optimistic about the prospect for US economic growth. The USDX fell and then rose. It ended up 0.07% at 104.29.


The SNB reduced the interest rate by 25 basis points beyond expectations


Last week, the SNB reduced the interest rate by 25 basis points beyond expectations, lowering the benchmark interest rate from 1.75% to 1.5%. Swiss became the first developed economy to announce the interest rate decrease.


Technically speaking, the bullish market trend prevailed


the Chart of the Day


On the chart of the day, USDCHF broke above the insidebar pattern yesterday. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing USDCHF will rise further. USDCHF will climb further with potential resistance at 0.924 if it breaks above the resistance at 0.911.


4-hour chart


On the 4-hour chart, USDCHF was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD remained high, showing the bullish market trend prevailed. Investors should focus on whether USDCHF will break through the resistance at 0.900. It will rise further if it retreats but is stable above the support at 0.900.


Key resistance: 0.911, 0.924

Key support: 0.900, 0.896


Generally speaking, as the SNB cut the interest rate, and the prospect for economic growth was optimistic, USDCHF is more likely to rise further.

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