USD/CHF: the American currency develops a "bullish" momentum
Current trend
During the Asian session, the USD/CHF pair is actively growing, developing the "bullish" momentum formed at the beginning of the week, when the instrument has renewed the local lows of March 11. Now, the US currency tries to consolidate above 0.9360, receiving support from technical factors.
Market activity remains subdued as investors prefer to wait for new macro releases. Pressure on the franc's position is exerted by the uncertain situation around the development of a special military operation in Ukraine initiated by the Russian authorities. Significant progress in the peace talks between the representatives of the two countries has not yet been observed since the parties do not report reaching agreements on controversial issues. Meanwhile, Western countries continue to pressure Russia, introducing new restrictions. So, this week, there was information that the EU, in its fifth package of sanctions, will consider the possibility of a complete embargo on Russian energy carriers, but with a high degree of probability, it is not yet possible to talk about a complete ban on imports.
Meanwhile, the US Fed's "hawkish" stance has shifted liquidity into the US dollar. In tomorrow's speech, the chairman of the department, Jerome Powell, is likely to voice his readiness to continue the policy of raising the interest rate, which can improve the position of the dollar and ultimately reduce the demand for risky assets.
Investors are waiting for the decision of the National Bank of Switzerland on the interest rate. The current figure consolidates at –0.75 and has not changed since 2015.
Support and resistance
Bollinger Bands are steadily growing on the daily chart: the price range actively narrows, reflecting the ambiguous nature of trading in the short term. MACD tries to reverse upwards, keeping the previous sell signal (the histogram is below the signal line). Stochastic, having retreated from its lows, reverses into an ascending plane, signaling in favor of the development of corrective growth in the nearest time intervals.
Resistance levels: 0.9381, 0.9430, 0.9459, 0.9500.
Support levels: 0.9341, 0.9300, 0.9271, 0.9250.
During the Asian session, the USD/CHF pair is actively growing, developing the "bullish" momentum formed at the beginning of the week, when the instrument has renewed the local lows of March 11. Now, the US currency tries to consolidate above 0.9360, receiving support from technical factors.
Market activity remains subdued as investors prefer to wait for new macro releases. Pressure on the franc's position is exerted by the uncertain situation around the development of a special military operation in Ukraine initiated by the Russian authorities. Significant progress in the peace talks between the representatives of the two countries has not yet been observed since the parties do not report reaching agreements on controversial issues. Meanwhile, Western countries continue to pressure Russia, introducing new restrictions. So, this week, there was information that the EU, in its fifth package of sanctions, will consider the possibility of a complete embargo on Russian energy carriers, but with a high degree of probability, it is not yet possible to talk about a complete ban on imports.
Meanwhile, the US Fed's "hawkish" stance has shifted liquidity into the US dollar. In tomorrow's speech, the chairman of the department, Jerome Powell, is likely to voice his readiness to continue the policy of raising the interest rate, which can improve the position of the dollar and ultimately reduce the demand for risky assets.
Investors are waiting for the decision of the National Bank of Switzerland on the interest rate. The current figure consolidates at –0.75 and has not changed since 2015.
Support and resistance
Bollinger Bands are steadily growing on the daily chart: the price range actively narrows, reflecting the ambiguous nature of trading in the short term. MACD tries to reverse upwards, keeping the previous sell signal (the histogram is below the signal line). Stochastic, having retreated from its lows, reverses into an ascending plane, signaling in favor of the development of corrective growth in the nearest time intervals.
Resistance levels: 0.9381, 0.9430, 0.9459, 0.9500.
Support levels: 0.9341, 0.9300, 0.9271, 0.9250.
Penafian
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