USDCHF Technical Overview And Potential Long Opportunities
Market players focused on the FOMC Meeting and the FED’s interest rate decision in July.
FED officials signalled they are ready to lower interest rates by a quarter-percentage point later this month, while indicating the potential for additional reductions, despite the recent surge in market expectations of a half-point cut.
USDCHF ended the week 0.98160, 15 points above the physicological 0.98000 support.
Near term technical overview is still bearish.
The upside is capped by SMA100 H4 & MM 2/8 at 0.98600 and SMA200 H4 at 0.98750. We see a Bearish Bat Pattern forming on the smaller charts which can be used as a selling opportunity. I will publish this pattern later.
USDCHF pair is likely to test 0.97940 on Monday. A clear breakout would send the pair 0.97660 support.
A Bullish Gartley ( 0.97600 ) and Bullish Bat Patterns ( 0.97350 ) are being printed on the H4 chart.
U.S Inflation expectations rose to 2.5% from 2.3% of historical lows. A one and done 25bp rate cut from the FED could support the U.S Dollar medium term.
The USDCHF pair may fill the Bat Pattern until FOMC statement. The emerging Bat pattern which would be completed in 0.97350 – 0.97250 regions can be used as a buying opportunity with medium-term purposes.
This chart has been published for educational purposes only and cannot be considered as trading advice. This pattern/ analysis prepared by the global analysts of Chartreaderpro.com and ...
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