USDCHF Is Still Eyeing December 2023 Lows
USDCHF turned higher in the first part of the year, when SNB surprised and cut rates much sooner compared to other CB. However, pair is coming back down now, as possibly SNB can be done with cuts, while speculators are still bearish on USD as they believe FED will cut now in September. So USDCHF is coming down, back to 2024 lows with five waves up still in the making within wave A, which can be looking for support near 2023 December levels, at 0.8328 area, after wave 4 rally that can be coming to an end as rally already unfolded in three legs. Broken channel signals for more weakness, after a turn down from 0.8550 as shown on 4h time frame.
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On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
