Chapter 39 Is USDCHF on the way up?
28/05/2023
Summary
Negative GDP expectations in Switzerland lead the market
Fundamental analysis
Fundamentally in this pair, We have a major data release coming this week in Switzerland the GDP and KOF Economic Leading indicators Both the negative expectation which will give weakness for the CHF, On the other hand, we see from last week all data releases in the USA was positive which we can see that give the strength in the USD.
Switzerland KOF Economic Leading Indicator
Prev.: 96.4
Fcst: 95.8
Switzerland GDP YoY
Prev.: 0.8%
Fcst: 0.7%
Technical analysis
In this 4-hour diagram chart, the market price now is 0.90498, we expect the market to push the price down to the previous demand zone at 0.90000 and range for a while inside this demand zone and from that point, the Market will push the price up to the oldest supply zone at 0.912000 to continue the up channel by creating higher high and high and low with the 20-moving average point up.
Trading Recommendation
Trading Direction: Long
Entry Price: 0.90852
Target Price: 0.91159
Stop Loss: 0.89605
