USDCHF at three weeks low, bulls looking to defend the pair.
“Powell delivers a rather contradicting element which disappoints traders.”
US dollar appears choppy as market sentiment gets tangled up following testimony from Fed Chair Jerome Powell. Powell cited that they are going all out to control rising inflation in the country. However, he emphasized that the Fed may induce recession due to hastened tightening. His testimony came as US releases downbeat data for both Manufacturing and Services PMI, dragging market sentiment even further.
Quick recap on USDCHF
The pair began its consolidation phase near 0.9550, the neckline of double top formation.
USDCHF Weekly Technical Analysis
The pair slumped sharply after briefly touching previous high at 1.0027. MACD continues to show diminishing bullish momentum.
USDCHF Daily Technical Analysis
From daily perspective, the pair may enter consolidation phase as bulls looking to defend neckline near 0.9550.
ORDER: BUY LIMIT
STOP LOSS: 0.9400
Target 1: 0.9720
Target 2: 0.9870
ZFX Analyst’s Comment
Recent price action lack of persistent push from the bears, indicating a possible rebound in the near term.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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