USD/CHF Update: Key Levels and Market Outlook
Current Status: The USD/CHF pair recently reached a critical resistance level at 0.8610 but has since retraced to the 0.8570–0.8560 range. Short-term support is identified at 0.8510, while resistance remains at 0.8610.
Technical Analysis: On the 4-hour chart, the price is positioned above both the 50 EMA and 200 EMA, with the 50 EMA crossing above the 200 EMA, indicating a bullish trend and offering immediate support.
Upcoming Economic Data: Key economic data from the US is anticipated today, specifically the PPI MoM (Sep) report. The previous figure was 0.2%, with a forecast of 0.1%. A stronger-than-expected report could bolster the USD, while a weaker result may lead to a softening of the currency.
USD to CHF Forecast: The USD/CHF pair shows potential for a bullish shift. A break above 0.8585 would increase the chances of advancing towards the 0.8610 resistance. If this level is successfully breached, the next target could be 0.8670. Conversely, should the price fall below 0.8525 and hold, the next bearish target may be around 0.8475.
Market Sentiment: Today’s sentiment for USD/CHF is bullish. Traders should monitor the upcoming PPI data closely, as it may significantly influence the pair’s direction.
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