Name: USDCHF tests the highs for the week after the sharp rebound after the SNB rate cut
Uploaded: 2024-06-21T13:38:17.000Z
Description: The SNB cut rates yesterday which weakened the CHF (higher USDCHF). The pair is approaching 100 bar moving averages on the 4-hour chart and daily chart at 0.8938 and 0.8965 respectively

USDCHF tests the highs for the week after the sharp rebound after the SNB rate cut

The SNB cut rates yesterday which weakened the CHF (higher USDCHF). The pair is approaching 100 bar moving averages on the 4-hour chart and daily chart at 0.8938 and 0.8965 respectively

Greg Michalowski

Friday, 21/06/2024 | 13:38 GMT

The Swiss National Bank cut rates by 25 basis points yesterday and that reversed the downward bias that the USDCHF was experiencing going into the rate decision. The subsequent move higher move back above the 38.2% retracement of the move up from the December 2023 low at 0.8883, a swing area between 0.8881 and 0.8892, and the 200-day moving average of 0.88957. That cluster support is now a risk-defining level for buyers looking for more upside. It must stay above to keep the buyers hopes in play today and going forward.

On the topside, the 100-bar moving average on the 4-hour chart comes in at 0.8938. It's 100-day moving average comes in at 0.89657. Both of those levels are upside targets today and going forward into the new trading week.