USDCHF Forecast: FED tapering and Big Triangles
As the Jackson Hole Symposium, which will be held on August 26-28, approaches, the possibility of the FED to start tapering in the markets by October at the latest is gaining strength.
The minutes of the July FOMC minutes indicated that whilst policymakers agreed that tapering should start soon, they were at odds on the exact timing and pace of reducing asset purchases.
The strongest part of the basket still appears to be the US Dollar.
There is only one issue that can lead the FED to act late reducing asset purchasing is the new coronavirus cases that may cause new lockdowns in the US Economy.
Swiss Franc, along with the Japanese Yen, is in an effort to gain demand due to its safe-haven status.
Due to the increased demand for the Dollar with the early tapering schedule, a strong upward movement can be seen in the USDCHF pair.
Cycle Sniper Daily overview is turned to Bullish above 0.
Technically, as seen in the chart above, with the 0.92800 breakout, the first target will be the yellow bearish trendline.
If the price closes above the descending trendline, the following levels could be tested.
0.93500 – 0.93800
0.94400 – 0.94800
0.95200 – 0.96100
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