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USD/CHF Technical Analysis - USD/CHF Trading: 2023-05-02
USD/CHF Technical Analysis Summary
Above 0,901
Buy Stop
Below 0,882
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
USD/CHF Chart Analysis
USD/CHF Technical Analysis
On the daily timeframe, USDCHF: D1 has exited a short-term downtrend and is trying to form a Double Bottom pattern. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if USDCHF: D1 rises above the last two up fractals: 0.901. This level can be used as an entry point. Initial risk cap possible below Parabolic signal, latest down fractal and low since Jan 2021: 0.882. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After making a trade, the most cautious traders can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (0.882) without activating the order (0.901), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - USD/CHF
The Fed's next meeting will take place on May 3, 2023. Will USDCHF quotes continue to rise?
According to the CME FedWatch Tool, there is an 88.9% chance that the Fed rate will be raised to 5.25% from the current 5%. In addition, quite a lot of different American economic indicators will be published this week. The most important of them may be the review of the labor market (United States Nonfarm Payrolls) for April. It will be released on Friday, May 5th. Most of the forecasts of American statistics look positive. The next meeting of the Swiss National Bank (SNB) will not be soon - June 22. Its rate is 1.5%. Switzerland Consumer Climate, procure.ch Manufacturing PMI will be released this week, May 2nd. On May 5, data will be released: Switzerland Unemployment, Foreign Exchange Reserves and Consumer Price Index (inflation). Most forecasts so far look relatively weak.
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