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The pair gained momentum after a mild uptick in CPI. Overall bias remains bullish as long as support 0.8780 holds. It hit a high of 0.88857 at the time of writing and is currently trading around 0.88838.
The policy divergence between US Fed and SNB supports the pair at lower levels.
The Swiss franc (CHF) has weakened against the U.S. dollar (USD) due to a stronger dollar driven by expectations of more interest rate hikes by the Federal Reserve. This makes the dollar more appealing to investors compared to the CHF, which is seen as a safe-haven currency. Additionally, market reactions to geopolitical events and anticipated changes in U.S. fiscal policy under Trump's administration have increased demand for the USD, further impacting the CHF negatively.
Market eyes
Technical Analysis
The pair is currently trading above the 34- and 55-EMA on the 4-hour chart.
Near-Term Resistance: Current resistance is at 0.8900. A break above this level could lead to targets at 0.8930/0.9000. The break above 0.87500 confirms that the decline from 0.9225 got completed at 0.83750.
Immediate Support: The next support level is at 0.8840. If this level is broken, the pair could drop to 0.8780/0.8720/0.8700/0.8660/0.8600/0.8580, 0.8550, 0.8525, 0.8499, 0.8440, 0.8420, 0.8390, 0.8365 (61.8% Fibonacci projection), or even 0.8340.
Indicator Analysis (4-hour chart)
- CCI (50): Bullish
- Average Directional Movement Index: Bullish
Overall, the trend remains neutral
Trading Recommendation
Consider buying on dips around 0.8845, with a stop loss set at 0.8780, and aiming for a target price of 0.9000.
