Detailed FX Market Outlook and Analysis

USD/CHF Daily Analysis 20-FEB-2023

USD/CHF Daily Analysis

At present, the intraday bias for USD/CHF is neutral. If the price breaks above 0.9331, it will resume its rebound from 0.9058 and reach the 38.2% retracement level of the decline from 1.0146 to 0.9058, which is at 0.9474. However, if the price falls below 0.9135, it will signal the completion of the rebound and lead to a retest of the 0.9058 low.

In the larger context, the decline from 1.0146 is considered a part of a long-term sideways pattern. If the 38.2% retracement level of 1.0146 to 0.9058 at 0.9474 remains intact, another fall is anticipated, which could take the price down to 0.9058. However, sustained trading above 0.9474 will suggest a reversal of the medium-term trend and could trigger a further rally up to 1.0146.

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