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22 March 2024,02:09
Trading BlogTrading Knowledge
22 March 2024, 02:09
* SNB Surprise: The Swiss Franc experienced a sharp decline against the dollar and its peers after the Swiss National Bank’s (SNB) decision to cut interest rates by 25 basis points (bps) to 1.50% in its March meeting held on Thursday. The SNB decided to lower interest rates in response to considerable decreases in both inflation and growth throughout the past year. SNB anticipates inflation to average at 1.9% for 2024. Presently, the inflation rate is substantially below this projection, sitting at 1.2%. Nonetheless, February saw a notable surge in the Consumer Price Index (CPI), increasing by 0.6% compared to the prior month’s 0.2% rise.
* Technical Breakout: USD/CHF was traded higher following prior breakout above the previous resistance level 0.8910. MACD which illustrates ongoing bullish momentum suggest the pair to extend its gains towards the next resistance level.
* Resistance And Targets: If the bullish momentum persists, the price is likely to head towards the resistance level 0.9040. Conversely, if the price fails to break above 0.9040, it may indicate a short-term technical correction and head back towards the support level of 0.8910.
Understand how technical analysis can help you in this trading opportunity.
Moving forward, investors will continue to monitor on Swiss economy and SNB views as the central back is expected to continue its rate cut.
Know how to manage trading risks with risk management strategies.
Stay updated on US and Switzerland data, SNB updates any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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