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The USDCHF has Renewed its January High

2/27/2023 1:18 PM

Against the strengthening of the US dollar against all competitors, the USD/CHF pair renewed January high around 0.9420.

Further dynamics of the asset will depend on incoming economic data and investor sentiment regarding the monetary policy of the US Federal Reserve. On Tuesday, a report on Q4 2022 gross domestic product (GDP) of Switzerland will be published: it is expected that the figure will be 1.0% YoY, and if the actual value meets or exceeds the forecast, then we can expect a correction of quotations to around 0.9320, otherwise, the positive dynamics will continue to 0.9520.

The long-term trend remains downwards, and the current strengthening of the trading instrument is corrective. Now, market participants are trying to break through 0.9420, and in this case, the increase will continue to 0.9520, and if it is held, then new sales with the target at 0.9090 can be considered.

The medium-term trend is downwards. The price is above the key trend resistance 0.9396–0.9364, after consolidation above which the trend will change to an upward trend with the target in zone 2 (0.9725–0.9691), otherwise, it will be possible to open short positions with the target at the February low in the 0.9065 area.

Resistance levels: 0.9420, 0.9520, 0.9620. | Support levels: 0.9300, 0.9155, 0.9090.

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