USD/CHF: Has Swiss Franc Been Supported By SNB? How Has US Dollar Reacted? USDCHF Technical Analysis and Trading Tips on June 17, 2022 | InstaForex

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Relevance up to 13:00 2022-06-22 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Exchange Rates 17.06.2022 analysis


As of this writing, USD/CHF is trading near 0.9660, down from an intra-month high of 1.0049 (the last time the price was near this mark was in May 2022 and in May 2019).

Despite today's renewed dollar strength, the USD/CHF remains under strong negative pressure after yesterday's unexpected decision by the Swiss Nation Bank to raise interest rates.

As SNB Chairman Thomas Jordan said yesterday, the Swiss franc is no longer grossly overvalued, i.e. it accepts the possibility of further strengthening of the franc, which the SNB so consistently fought against recently by keeping the interest rate on deposits at a record low of -0.75% and intervening in the trading market with the sale of the franc.


Exchange Rates 17.06.2022 analysis


Yesterday, USD/CHF reached a local low of 0.9629, breaking through an important support level of 0.9670 (50 EMA on the daily chart and the 61.8% Fibonacci retracement to the downward wave that began in April 2019 near 1.0235).


Exchange Rates 17.06.2022 analysis


The breakdown of yesterday's local low may become a driver of further USD/CHF decline towards the local support level of 0.9555, the breakdown of which, in turn, will strengthen the negative dynamics of USD/CHF, sending it to the zone of key support levels 0.9435 (200 EMA on the weekly chart) and 0.9415 (200 EMA on the daily chart), separating the long-term bullish trend of the pair from the bearish one.


Exchange Rates 17.06.2022 analysis


In an alternative scenario, and in view of the renewed strengthening of the dollar, an upward correction may begin from the current levels. The first signal to resume long positions will be a breakdown of the important resistance level 0.9731 (200 EMA on the 4-hour chart). In case of a breakdown of the resistance level 0.9820 (200 EMA on the 1-hour chart), USD/CHF is likely to continue rising towards recent highs above 1.0000.

Support levels: 0.9630, 0.9555, 0.9500, 0.9495, 0.9475, 0.9435, 0.9415, 0.9380, 0.9325

Resistance levels: 0.9670, 0.9731, 0.9800, 0.9820, 0.9900, 0.9970, 1.0000, 1.0060

Trading Tips

Sell Stop 0.9615. Stop-Loss 0.9715. Take-Profit 0.9555, 0.9500, 0.9495, 0.9475, 0.9435, 0.9415, 0.9380, 0.9325

Buy Stop 0.9715. Stop-Loss 0.9615. Take-Profit 0.9731, 0.9800, 0.9820, 0.9900, 0.9970, 1.0000, 1.0060


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Indonesia's Inflation Slips, Central Bank Maintains Rates Amidst Stability

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