Thu, Mar 30, 2023 @ 07:27 GMT

USD/CHF Finds Support

The Swiss franc fell after the annual GDP barely avoided a contraction in Q4. On the daily chart, a close above January’s high of 0.9400 and a bullish MA cross show that sentiment is turning around. Now that the direction is skewed to the upside, traders see pullbacks as opportunities to buy at a discount. The latest retracement came to a halt at 0.9340 and 0.9260 over the 20-day SMA is the second layer of defence. A close back above 0.9430 would pave the way for an extended rally towards the supply area around 0.9500.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading