USD/CHF is currently testing the upper band of the daily descending formation which is also the 50% Fibonacci Retracement level making this zone a very high key area. Additionally, the price is trading inside an ascending channel inside the bigger descending, hence making our analysis for a reversal more valid.
Our first target for this swing trade is 0.9577. Breaking this area will push the price for further downside towards retesting 0.9496 and 0.9381 in extension.
From a fundamental standpoint, the Fed is looking to continue aggressively increasing interest rates in September; however, I believe that rate increases are priced in and further rate hikes won't push DXY up the way it did from the lows near 89.00 towards 109.00. Goodluck!
M.Y.
Our first target for this swing trade is 0.9577. Breaking this area will push the price for further downside towards retesting 0.9496 and 0.9381 in extension.
From a fundamental standpoint, the Fed is looking to continue aggressively increasing interest rates in September; however, I believe that rate increases are priced in and further rate hikes won't push DXY up the way it did from the lows near 89.00 towards 109.00. Goodluck!
M.Y.