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USD/CHF Technical Analysis - USD/CHF Trading: 2024-02-09
USD/CHF Technical Analysis Summary
Above 0.8760
Buy Stop
Below 0.8585
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
USD/CHF Chart Analysis
USD/CHF Technical Analysis
The technical analysis of the USDCHF price chart on daily timeframe shows USDCHF,Daily is climbing toward the 200-day moving average MA(200) after hitting eight-year low in the end of December. We believe the bullish movement will continue after the price rises above the upper boundary of Donchian channel at 0.8760. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 0.8585. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - USD/CHF
Swiss foreign currency reserves continued rising in January. Will the USDCHF price climbing reverse?
Swiss foreign currency reserves continued rising in January. The Swiss National Bank reported Foreign Exchange Reserves in Switzerland increased to CHF 662.4 billion in January from 654.1 billion in December of 2023. Increasing backing by reserves is bullish for Swiss franc and bearish for USDCHF. At the same time the State Secretariat for Economic Affairs (SECO) reported the Swiss unemployment rate increased to a non-seasonally adjusted 2.5 percent in January 2024 from an over one-year low of 2.3 percent in the previous month. It was the highest jobless rate since February 2022. Higher Swiss unemployment is bearish for the Swiss franc and bullish for the USDCHF. The current setup is bullish for the pair.
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