Chapter 36 Will USDCHF be on the way up?
18/05/2023
Summary
United States' positive data leads the market
Fundamental analysis
Fundamentally on this pair of USDCHF, today's data has been released, we witness the positive data in jobless claims and the Fed Manufacturing index and this positive data gives the USD double strength supported by the CPI result last week.
U.S. Weekly Initial Jobless Claims
Prev: 264K
Act: 242K
U.S. Fed Manufacturing Index
Prev: -31.3
Act: -10.4
Technical analysis
In this 4-hour diagram chart, the market price now is 0.90399, we expect the market to push the price down to the previous demand zone at 0.90000 and after that, we expect the market to and from the market will keep pushing up to reach the oldest supply zone at 0.91200 with the 20-moving average point up.
Trading Recommendation
Trading Direction: Long
Entry Price: 0.89910
Target Price: 0.91167
Stop Loss: 0.89292
