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USDCHF downward trend from 0.942 level
3/6/2023 1:27 PMAfter the correction, in which the 0.9420 level was tested, the USD/CHF pair is declining with a target at 0.9300 against the background of the general weakness of the US currency. On March 7 and 8, the head of the US Fed, Jerome Powell, will give a speech, in which he can share his vision of the current situation in the national economy against the backdrop of ongoing geopolitical tensions and hint at further actions of the regulator in the field of monetary policy to combat inflation.
Macroeconomic data from Switzerland, which will be published on Tuesday, may contribute to the decline of the instrument. The release of statistics on the unemployment rate without taking into account seasonal fluctuations at the same value of 2.2% is able to strengthen the position of the franc to the level of 0.9300.
The long-term trend remains descending. Last week, market participants tested the resistance level of 0.9420, which was held, which caused a new wave of asset sales. Now the target of the decline is the 0.9300 mark, in case of a breakdown of which the decline will continue with a target at 0.9155. If the level of 0.9300 is held, it will be possible to count on an update of last week's maximum and an increase with a target at 0.9520.
The mid-term trend changed to an upward trend last week. The target zone (0.9396–0.9364) was broken. Now the price is going into correction with a target in the key support area of 0.9129–0.9100. New purchases can be searched after the key support test with a target at last week's maximum of 0.9436, in case of an update of which the next target for purchases will be target zone 2 (0.9725–0.9691).
Resistance levels: 0.9420, 0.9520, 0.9620. | Support levels: 0.9300, 0.9155, 0.9090.
