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The price of USDCHF is heading towards a key monthly level. Will the price continue to move higher and can this offer a long opportunity?
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USDCHF Analysis
The USDCHF has continued to move higher as the price USD continues to strengthen. The strength meter this week showed us that the Swiss Franc is at the highs in a reversal zone. When a currency is in this position we can look for opportunities for the strength to turn into weakness against stronger currencies. The USD reversed from the lows, this showed us that strength is returning.
Fundamentally, the Federal Reserve Chairman Powell announced that they are not winning the war against inflation and that more aggressive measures were needed. This was an extremely hawkish tone from the chairman which was somewhat unexpected. The USD should continue to remain strong on the hopes of an aggressive hike.
Looking at the charts we can see that the price has broken through the monthly point of control and we are heading towards the untested value area high. This could offer short and medium term opportunities if the price were to pull back. First, if the price was to retrace on the 4hr time frame we could expect a retest of the monthly PoC for an opportunity. Alternatively in the short term, the price has recently broken out of the developing value area high of the US session, this could act as support if the price was to reject it on a retest.
Did you see our Week Ahead Analysis? You can see it here.
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