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FxWirePro- USDCHF Trade Idea
The pair showed a minor sell-off as an increase in safe-haven demand..Overall bias remains bullish as long as support 0.8780 holds. It hit a high of 0.89180 yesterday and is currently trading around 0.88
Yesterday, the Swiss franc (CHF) strengthened as investors looked for safe-haven assets amid rising geopolitical tensions and economic uncertainty. The CHF saw significant demand, reaching its highest level against the euro in nearly a decade due to risk aversion in global markets. Even with expectations of future rate cuts by the Swiss National Bank, security concerns outweighed these factors, leading investors to favor the franc. Additionally, Switzerland's lower inflation rate compared to the eurozone made the CHF more attractive. Overall, the Swiss franc's gain highlights its role as a safe investment during times of stress, suggesting it may continue to strengthen.
Technical Analysis
The pair is currently trading below the 34- and above 55-EMA on the 4-hour chart.
Near-Term Resistance: Current resistance is at 0.8860. A break above this level could lead to targets at 0.88825/0.8920/0.8950/0.9000. The break above 0.87500 confirms that decline from 0.9225 got completed at 0.83750.
Immediate Support: The next support level is at 0.8820. 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 0.8800, with a stop loss set at 0.8760 and aiming for a target price of 0.8925/0.8950.
