On Wednesday (September 21) in the late European market, USD/CHF oscillated at a high level. The exchange rate held steady above 0.89 and currently fluctuate around 0.8930.
Bijoy Kar, a technical analyst at MIG Bank in Switzerland, pointed out that the USD/CHF was on an astonishing gain on Wednesday (September 21), breaking 0.8928 resistance at one stroke and hitting an intraday high of 0.8985.
Kar pointed out that according to the current trend, the USD/CHF's previous decline has already come to an end. The market outlook may climb to 0.9340, and the effective target will be 0.9776.
Kar also pointed out that, from the downside, USD/CHF's initial support is at 0.8647. If the effective fall below this level, the market outlook is likely to experience a correctional correction.
The recent release of Swiss economic data shows that the Swiss francâ€™s strength has had a major impact on the Swiss economy. Investors speculated that the Swiss National Bank will likely raise the EUR/CHF floor rate from 1.20 to 1.25, thus putting the Swiss franc under pressure.
USD/CHF is currently consolidating near the 0.8930 level. The upside initial resistance is at 0.8990 (intraday high). After breaking above this level, it will explore 0.9000 (psychological threshold); and the downside support, first is 0.8790 (September 20). The daily low and the September 19 low), after falling below that level, it will explore 0.8685 (September 16 low) and 0.8650 (September 15 low).
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