The Swiss National Bank (SNB) has been one of the earliest central banks to embark on an easing process. Due to its early initiation, the mixed U.S. data in February failed to establish a significant downtrend on USD/CHF. We anticipate that, both fundamentally and technically, the broken downtrend will continue, leading to a rapid progression towards the next resistance level.
Comment:
The anticipated corrective decline started during the FOMC meeting. The price could retract to the trend line located in the Fibonacci 50-61.8% range with the SNB interest rate and monetary policy decision to be announced tomorrow. We recommend waiting for the SNB decision before entering a purchase transaction.
The anticipated corrective decline started during the FOMC meeting. The price could retract to the trend line located in the Fibonacci 50-61.8% range with the SNB interest rate and monetary policy decision to be announced tomorrow. We recommend waiting for the SNB decision before entering a purchase transaction.
Trade closed: target reached
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The price is reacting to the 61.8% resistance level for the third time. We may see a retracement before the continuation of the rise. We are monitoring the price movement to enter a new buying position.