ภาษาไทย
Tiếng Việt
The Swiss National Bank hiked interest for the first time since 2007 seeing the Swiss Franc gain strength. Could this see the USDCHF trade lower?
Watch the video to learn more…
USDCHF Analysis
The market was shocked today by the Swiss National Bank who decided to raise interest rates from -0.75% to -0.25%. This was an unexpected move by the SNB who haven’t raised rates since 2007, they have jumped before the ECB who have also outlined a hike to come in the near future. The SNB outlined the rising inflation rate globally as a concern and issues with the supply chain due to the Ukraine war, the reason behind the shock move. This saw the Swiss Franc gain significant strength across the board and this will likely remain in the short term.
The USDCHF dropped over 3% this week following the news from today which could offer further shorting opportunities. The price of the currency found resistance at the major swing highs, and now the price is heading back to the weekly range highs. If the price is going to continue low we could look for opportunities to go short at key resistance points. One of these points could be the previous week’s value area low, if the price was to form bearish resistance here we could look for short opportunities. Alternatively, the price moved quickly through last week’s point of control level, when this happens we can often see a retest of the PoC as resistance. Again, bearish price action around this zone would be ideal to see if sellers continue to push the price lower.
Do you trade GOLD? See our latest analysis here.
Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.
About The Author
