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USD/CHF: Three black crows erase head-and-shoulders bottomThe dollar-franc pair ( USD/CHF ) is recording its third straight day of losses, and is about to form a "three black crows" pattern, which is characterized by three consecutive bearish red candlesticks with lower highs and lower lows. A three black crows pattern typically indicates a bull trend reversal and a shift in trader sentiment. This pattern formation on USD/CHF also invalidates the false bullish signal that had been given by the formation of a head and shoulder bottom earlier this month. MACD also shows a bearish crossover. The last time it happened in July the pair extended the downside movement.  USD/CHF is now testing the lows of August 19 and the next support is given by the psychological level of 0.95 which also corresponds to August 18's lows. Fibonacci retracement between August 11 lows and September 6 highs has already exceeded the 50% key mark and now stands at 38.2%. Below 0.95, next supports are given by 0.9491 (23.6% Fibonacci) and 0.9372 which would then complete the retracement to July lows. Idea written by Piero Cingari, forex and commodity analyst at Capital.com
by Capitalcom
USDCHF analysis: a new downtrend is hereUSD/CHF fundamental analysis Switzerland's annual rate of inflation was 3.4% in July 2022, the same as in June. It was the highest inflation rate since October 1993, but it fell short of market expectations of a 3.5% increase. As a result, inflation remains well above the Swiss National Bank's 2% target, necessitating a steady pace of interest-rate hikes. The Swiss unemployment rate was 2% in July 2022, the same as in June and the lowest since November 2001.This indicates that the Swiss labour market momentum is strong and the economy is performing exceptionally well despite negative spillovers from the deteriorating economic outlook in the Eurozone. The SNB is expected to raise rates by 50 basis points again in September, marking the second half-point increase in a row and bringing the policy rate in positive territory for the first time since July 2011. The SNB is now also willing to allow the CHF to appreciate further in order to mitigate inflationary risks. US inflation rate has surprised to the downside in July (8.5% vs 8.7% expected). This led market participants to expect less aggressive hikes from the Federal Reserve. If this deceleration in U.S. inflation persists, the interest rate differential between the Federal Reserve and the Swiss National Bank (SNB) will narrow, thereby supporting the Franc. Global growth worries and rising gold prices may sustain demand for safe-haven and recession-hedging assets such as the Franc. USD/CHF technical analysis USD/CHF fell 6.5% from its highs in June. The turning point that determined the change in trend in USD/CHF was the double top bearish reversal pattern, with bearish divergences in the RSI and MACD. The 0.95-0.955 neckline support was initially tested in late June, whereupon the pair rebounded; however, it was successfully broken to the downside this week with an extension to 0.941. The pair is currently trading within a descending channel and has recently broken the 200-day moving average's dynamic support, which formed an important price floor during 2022. Moreover, the breakdown of the 61.8% Fibonacci retracement level (2022 high/low) is also noteworthy, supporting the trend reversal thesis. Now, the focus has shifted to 0.93 (78.6% Fibonacci and April 2022 support) A breach of this level could prompt USD/CHF to test the 0.915 (March support) and then 0.909-0.91 levels (2022 low). Idea written by Piero Cingari, forex and commodity analyst at Capital.com
by Capitalcom
USDCHF: Dollar is unstoppable!USDCHF Intraday - We look to Buy at 0.9752 (stop at 0.9729) A lower correction is expected. We look to buy dips. 50 4hour EMA is at 0.9740. Our profit targets will be 0.9809 and 0.9819 Resistance: 0.9830 / 0.9860 / 0.9880 Support: 0.9800 / 0.9770 / 0.9750 Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’ ). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
Long
by VantageMarkets