USDCHF Technical Overview And Potential Long Opportunities

USDCHF Technical Overview And Potential Long Opportunities

Market players focused on the FOMC Meeting and the FED’s interest rate decision in July.

FED officials signalled they are ready to lower interest rates by a quarter-percentage point later this month, while indicating the potential for additional reductions, despite the recent surge in market expectations of a half-point cut.

USDCHF ended the week 0.98160, 15 points above the physicological 0.98000 support.

Near term technical overview is still bearish.

The upside is capped by SMA100 H4 & MM 2/8 at 0.98600 and SMA200 H4 at 0.98750. We see a Bearish Bat Pattern forming on the smaller charts which can be used as a selling opportunity. I will publish this pattern later.

USDCHF pair is likely to test 0.97940 on Monday. A clear breakout would send the pair 0.97660 support.

A Bullish Gartley ( 0.97600 ) and Bullish Bat Patterns ( 0.97350 )  are being printed on the H4 chart.

U.S Inflation expectations rose to 2.5% from 2.3% of historical lows. A one and done 25bp rate cut from the FED could support the U.S Dollar medium term.

The USDCHF pair may fill the Bat Pattern until FOMC statement. The emerging Bat pattern which would be completed in 0.97350 – 0.97250 regions can be used as a buying opportunity with medium-term purposes.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

USDCHF: Forecast:ınformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility