Instrument: USDCHF
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 0.92462 with take profit at 0.92618
Bearish Preference:
Sell position is envisaged if price trades below 0.92118 with take profit at 0.91953
Fundamentals:
None with high impact
Comment:
The U.S. dollar on Monday neared its lowest in seven months against other major currencies, after data last week suggested the Federal Reserve could slow the pace of its rate hikes, while China re-opening its borders boosted riskier currencies. The dollar posted its biggest quarterly loss in 12 years in the last three months of 2022, driven mainly by investors’ belief that the Fed won’t raise rates beyond 5%, from its current range of 4.25%-4.50%, as inflation and growth cool.
Analysis: SCRUM Team
