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The USDCHF is Correcting Upwards

1/23/2023 1:52 PM

After hitting the strong support level of 0.9090 last week, the USD/CHF started an upward correction and tested the resistance level of 0.9220.

The positive dynamics of the asset were reinforced by the speech of the Head of the National Bank of Switzerland, Thomas Jordan, during which he made several statements that strengthened the national currency: in particular, he noted that the regulator, if necessary, would be able to return to negative interest rates quickly, and recalled that the country's economy should be wary of secondary effects of inflation. Despite the negative factors, investors can be sure that the agency is determined to keep inflation at 2.00% globally, so the long-term trend in the trading instrument remains.

After an unsuccessful test of the 0.9220 resistance level, short positions with the target at the January low in the 0.9090 area remain in priority, and in case of its breakdown, the decline may continue to 0.9030 and 0.8945. After the breakout of the resistance level of 0.9220, it will be possible to consider long positions with the target at 0.9320.

The medium-term trend is downward. After the breakdown of the target zone 3 (0.9260–0.9229), the sell target is zone 4 (0.8961–0.8932). Last week, an upward correction began, which may continue to the trend line at 0.9424–0.9392, and if it is reached, short positions may be opened with the first target at last week's low at 0.9090.

Resistance levels: 0.9220, 0.9320, 0.9420. | Support levels: 0.9090, 0.9030, 0.8945.

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