USD/CHF Trend This Week - UptrendUSD/CHF news:
🔆The USD/CHF pair continued its upward momentum, reaching 0.9000 in early European trading on Thursday. However, it is now showing signs of a potential pullback as the 1-hour RSI approached the overbought threshold of 80.
🔆On Thursday, data revealed that the second estimate for the US Gross Domestic Product (GDP) in Q4 2024 remained unchanged from the initial forecast, reflecting an annualized growth of 2.3%. Meanwhile, US jobless claims rose by 22,000 to 242,000 for the week ending February 22, marking the highest level in three months.
🔆Given this backdrop, the US Dollar is likely to maintain its strength across the board, keeping downward pressure on USD-denominated commodities. Additionally, Switzerland’s latest Retail Sales y/y data came in at 1.3%, falling short of the expected 1.6%, which could signal bearish sentiment for the Swiss Franc.
Personal opinion:
🔆The USD/CHF pair is still in an uptrend, however, the RSI (1H) of USD/CHF and DXU both signaled divergence after entering the overbought zone. So in the short term, there will be a slight pullback and then an increase for this pair.
Analysis:
🔆Based on the resistance - support levels and important Fibonacci levels combined with SMA200 to come up with a reasonable strategy.
Plan:
🔆 Price Zone Setup:
👉Buy USD/CHF 0.8980 – 0.8990
❌SL: 0.8950 | ✅TP: 0.9025 – 0.9050 – 0.9090
FM wishes you a successful trading day 💰💰💰