Recently, the DXY dropped to new lows ( 99.70). Currently the DXY is trading at 100.80, having risen more than 100 PIPS. Its not completely clear if we have bottomed on the DXY, but the chances are high. Both the DXY and USDCHF are sitting on a long term weekly/monthly support, which is a main contributing factor to the fact that we may have bottomed and the dollar is on the rise.
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Price closed well above the 0.8600 support last week. As the DXY rises, I am anticipating this support to hold and the bulls to come in at this point in the coming days/weeks.
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Finally , we will be able to confirm if this is a fakeout or a breakout. The FOMC meets today to announce the Dollar interest rates. In the last meeting, the FOMC maintained the rates at 5.52% for the first time since March 2022.If the FOMC maintains the interest rates at 5.25% for the second tome in a row, the DXY may rise from the current levels, and USDCHF may follow. If the FOMC increases the interest rates, then the DXY may fall further, confirming more downside for USDCHF.
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Price is back above the support. Looks like the support will hold.
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150 PIPS !
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Finally price is back above the support !
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The support is strong. Price is finally trading 100 pips above the support !
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130 PIPS STRONG !
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YOH!! 200 PIPS ON THE TREND !
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New highs everyday ! The trend is on fire ! The patient will reap big from my analysis !
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250 PIPS FLOATING !
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0.8860 is the new high on the current bull trend !
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New highs on the trend @ 0.8900 !
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New highs tagged on the trend @ 0.8950 !
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0.8980 is the new high on the USDCHF trend !
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300 PIPS ON THE TREND FOR MY PATIENT TREND FOLLOWERS !
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400 PIPS INNIT !!
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500 PIPS ON THE TREND !
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USDCHF resumes the UPTREND !
Thedeveloper