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USDCHF is Preparing to Continue Rising Towards 0.985

8/29/2022 2:38 PM

After correcting the global uptrend over the past three months, the USD/CHF pair is again trying to restore its position, heading towards the resistance level of 0.9850.

The strengthening of the US dollar facilitates the upward dynamics of quotations due to an increase in interest rates and the focus of the US Federal Reserve's policy on further monetary policy tightening. At the annual symposium in Jackson Hole, officials announced plans to further adjust the rate to 1.00–1.25% to combat record inflation, after which there will likely be a pause during which interim results from measures already taken will be analyzed. Thus, we can say that the global correction is completed, and the trading instrument continues the uptrend, the main goal of which will be to update the year's high.

Since buyers have broken through the resistance of 09640, the next target is 0.9850, and long positions should be opened from the current level and 0.9600.

The medium-term trend is up. Last week the traders broke through the target zone 2 (0.9647–0.9634), and now the instrument continues to move to the area of ​​0.9784–0.9771. The key support from which new long positions can be considered is shifting to 0.9568–0.9556.

Resistance levels: 0.9850, 1.0040. | Support levels: 0.9600, 0.9480.

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