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The USDCHF Shows Ambiguous Trading Dynamics

1/30/2023 11:10 AM

During the Asian session, the USD/CHF pair shows multidirectional trading dynamics, consolidating near 0.9200 and maintaining a poor "bullish" momentum formed at the end of last week, when the US currency managed to retreat from local lows of January 20.

The market's focus is on the US Federal Reserve meeting, which will end on Wednesday: analysts expect that the interest rate will be raised by 25.0 basis points, indicating that the current cycle of monetary tightening is nearing completion. Experts allow another increase in the indicator (up to 5.0%) in the first half of 2023, although the regulator's decision will depend on inflation dynamics and the growing risks of a recession in the American economy.

On Friday, the report on the labor market for January will be published: forecasts suggest that the number of new jobs created outside the agriculture sector will decrease from 223.0K to 175.0K, while the unemployment rate may increase from 3.5% to 3.6%.

On the daily chart, Bollinger Bands are moderately declining: the price range is narrowing from above, reflecting the emergence of multidirectional trading dynamics in the short term. The MACD indicator is growing, keeping a relatively strong buy signal (the histogram is above the signal line). Stochastic also reversed upwards, interrupting the development of the downtrend formed last week.

Resistance levels: 0.9250, 0.9300, 0.9350, 0.9400. | Support levels: 0.9200, 0.9150, 0.9100, 0.9050.

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