Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro -USDCHF trades higher after dovish rate cut by SNB, good to buy on dips

 

USDCHF showed a minor pullback after the SNB monetary policy. The pair was one of the worst performers this month and hit a low of 0.88265. It is currently trading around 0.88901.

 

The Swiss National Bank (SNB) cuts the deposit rates by 25 bpbs points for a second consecutive time from 1.50% to 1.25%.  The central bank has forecasted inflation at 1.1% in 2025 from the previous forecast of 1%.

 

The Swiss franc gained sharply this month as European political uncertainty and the escalation of tension in the Middle East increased demand for safe-haven assets.

 

The near-term resistance is around 0.8900, any break above will take the pair to 0.8960/0.9000. On the lower side, immediate support is around 0.8800 violation confirms further bearishness, a dip to 0.8720/0.8700 is possible.

 

RSI (14)- Beairsh divergence

 

It is good to buy on dips around 0.8900 with SL around 0.8848 for TP of 0.9000.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.