Detailed FX Market Outlook and Analysis

USD/CHF Daily Analysis 03-MAR-2023

USD/CHF Daily Analysis

There is a possibility of a continued rally in USD/CHF, but encountering strong resistance around the 38.2% retracement level of 0.9474, which marks the completion of the rebound from 0.9058. A breach of the minor support level of 0.9340 could shift the focus back to the downside. However, a clear break of 0.9474 would imply a larger bullish outlook and target the 61.8% retracement level at 0.9730.

Looking at the bigger picture, the decline from 1.0146 is considered a part of a long-term sideways pattern. If the 38.2% retracement level of 0.9474 holds, another decline to 0.9058 is likely. Nevertheless, if there is sustained trading above 0.9474, it will signal a reversal in the medium-term trend and lead to further rallies towards the 61.8% retracement level at 0.9730 and beyond.

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