Hey Traders, in the coming week we are monitoring USDCHF for a buying opportunity around 0.86350 zone, USDCHF was trading in a downtrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 0.86350 support and resistance area.
While technically USDCHF shows signs of a potential buying opportunity around the 0.86350 zone, it's essential to consider recent fundamental developments. The Federal Reserve's recent announcement, indicating no plans for a rate cut in March, has influenced market sentiment towards the US dollar. This cautious stance from the Fed has implications for USDCHF, potentially bolstering the dollar's strength against the Swiss franc. Traders should keep a close eye on how this fundamental factor interacts with the technical setup to make informed trading decisions
Trade safe,
Joe.
While technically USDCHF shows signs of a potential buying opportunity around the 0.86350 zone, it's essential to consider recent fundamental developments. The Federal Reserve's recent announcement, indicating no plans for a rate cut in March, has influenced market sentiment towards the US dollar. This cautious stance from the Fed has implications for USDCHF, potentially bolstering the dollar's strength against the Swiss franc. Traders should keep a close eye on how this fundamental factor interacts with the technical setup to make informed trading decisions
Trade safe,
Joe.
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