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USDCHF Market Update

2/8/2023 2:15 PM

Against the publication of positive statistics on the US labor market, the USD/CHF pair renewed its high of January 31, around 0.9288.

If the US dollar continues to strengthen, quotes may reach 0.9320, but the factor limiting the asset's growth is the Swiss National Bank (SNB) monetary policy. During a press conference on February 2, the head of the regulator, Thomas Jordan, said that the country's economy is still under strong inflationary pressure, and a further increase in interest rates is not ruled out. Also, the SNB is ready to sell the currency if necessary.

Thus, the long-term downtrend remains in force, and now there is a correction with the target at the resistance level of 0.9320, after the test of which it will be possible to consider new sales with the target at 0.9090, and in case of its breakout, the growth will continue to 0.9420.

The medium-term trend is downward, with the target around zone 4 (0.8961–0.8932). At the moment, the quotes are being corrected, and after testing the trend line 0.9396–0.9364, it will be possible to open short positions with the target at last week's low of 0.9061.

To change the trend to an uptrend, market participants need to consolidate above 0.9396.

Resistance levels: 0.9320, 0.9420. | Support levels: 0.9155, 0.9089, 0.9030.

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