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USDCHF reverses earlier gains and trades negative on the day, but supportive.


USDCHF climbed into the swing zone and reversed

USDCHF advanced on the daily chart, extending to a new high for the week in the process. However, this high has moved into a swing zone (see numbered green circles) between 0.93658 and 0.93822. The high reached 0.9373 and has come down again. The last 5 highs of the GBPUSD pair have stagnated in this range area. Why not today too?

Maintaining this level is just one more step in increasing the importance of this level in the future. Next week be aware. If there is a breakout, the price should extend higher towards the 2022 and 2021 highs in the 0.9459 to 0.9472 area.

For now, however, sellers are once again giving sellers confidence.

Going down to USDCHF

USD/CHF

USD/CHF is the currency pair comprising the United States dollar (symbol $, code USD) and the Swiss franc of Switzerland (code CHF). The pair’s exchange rate indicates how many Swiss francs are needed to buy one US dollar. For example, when USD/CHF is trading at 1.2500, it means that 1 US dollar equals 1.25 Swiss francs. The US dollar (USD) is the most traded currency in the world, while the Swiss franc (CHF) is the sixth most traded currency in the world, resulting in a very liquid pair, with tight spreads, often staying within the spread range from 0 pip to 2 pip. on most forex brokers. Even though the Swiss Franc may not be as liquid as the Euro or the Yen, the USD/CHF currency pair is still liquid enough to be known as the fourth major currency. Trading USD/CHF has its pros and cons. The main advantage being that many traders often prefer to invest in the Swiss franc in the event of economic or political instability. This is due to the fact that Switzerland is traditionally known as a safe haven, as it generally remains neutral and silent on many major geopolitical events. , for example he never participates in wars. These investments can trigger big swings for traders, who can capitalize on these moves. The main disadvantage is that the US dollar is the world’s reserve currency. So traders can also flock to the USD, trying to figure out which currency is most likely to engage can sometimes be tricky. USD/CHF still lives in the shadow of 2015 USD/CHF is otherwise considered one of the least volatile pairs, with a tendency to follow the Euro, hence the negative correlation between it and EUR/USD. The currency pair will forever be tied to the events of January 2015 with the Swiss National Bank (SNB) crisis that rocked the currency markets. In this case, the SNB abruptly decided to abandon the currency peg of the Swiss franc (CHF) to the euro, shaking the markets.

USD/CHF is the currency pair comprising the United States dollar (symbol $, code USD) and the Swiss franc of Switzerland (code CHF). The pair’s exchange rate indicates how many Swiss francs are needed to buy one US dollar. For example, when USD/CHF is trading at 1.2500, it means that 1 US dollar equals 1.25 Swiss francs. The US dollar (USD) is the most traded currency in the world, while the Swiss franc (CHF) is the sixth most traded currency in the world, resulting in a very liquid pair, with tight spreads, often staying within the spread range from 0 pip to 2 pip. on most forex brokers. Even though the Swiss Franc may not be as liquid as the Euro or the Yen, the USD/CHF currency pair is still liquid enough to be known as the fourth major currency. Trading USD/CHF has its pros and cons. The main advantage being that many traders often prefer to invest in the Swiss franc in the event of economic or political instability. This is due to the fact that Switzerland is traditionally known as a safe haven, as it generally remains neutral and silent on many major geopolitical events. , for example he never participates in wars. These investments can trigger big swings for traders, who can capitalize on these moves. The main disadvantage is that the US dollar is the world’s reserve currency. So traders can also flock to the USD, trying to figure out which currency is most likely to engage can sometimes be tricky. USD/CHF still lives in the shadow of 2015 USD/CHF is otherwise considered one of the least volatile pairs, with a tendency to follow the Euro, hence the negative correlation between it and EUR/USD. The currency pair will forever be tied to the events of January 2015 with the Swiss National Bank (SNB) crisis that rocked the currency markets. In this case, the SNB abruptly decided to abandon the currency peg of the Swiss franc (CHF) to the euro, shaking the markets.
Read this term hourly chart below, the run down erased the gains and fell during the day. The low price, however, found supportive buyers near the 50% midpoint of the decline from the March 16 high. This level sits at 0.93268. The current price is at 0.9340.

And now?

For the week, price has moved higher since basing near the 100-day MA near 0.9236. We know the high stalled near recent highs between 0.9366 and 0.9382, but the 50% midpoint of a move is still an important barometer for buyers and sellers.

I’m not surprised that today’s bearish buyers came in against this level. It makes sense.

However, if there is a breakout going forward/next week, this should give sellers more confidence and make them look towards the 100 hourly MA at 0.93118 (and higher). Move below this level and more selling could see the 200 hourly MA on traders’ sights at 0.92844.

USDCHF reverses earlier gains and trades negative on the day, but supportive.

USDCHF stalled in swing zone and headed back down


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