• July 5, 2024
  • Trade ideas

USDCHF: Potential Trend Reversal



USDCHF is targeting the 0.8960 support zone, which coincides with the 38.2 Fibonacci retracement level. The recent US NFP report showed more than expected job growth, suggesting a potential rate cut in the US could weaken the dollar. However, the Swiss central bank is also expected to cut rates for the second time after reaching its inflation target, which could boost the pair.

  • Trade: Buy on a rebound from 0.8960 support;
  • TP1: 0.9040;
  • TP2: 0.9100.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul