On Friday, the pair fell below the important support of 0.9650. Will USDCHF continue the downward momentum today? How is the pair now trading?
17 September, OctaFX – The board members of the Swiss National Bank meet on Thursday to decide where to set the target range for the nations interest rate.
The Swiss National Bank is obliged by the Constitution and by the national Statute to act in accordance with the interests of the country, by raising rates to control inflation or to reduce interest rates to spur the economic growth in Switzerland.
Will USDCHF Continue the Downward Momentum?
On Friday, the USDCHF pair fell below the important support of 0.9650. Today, the dollar strength led the pair to move past the 0.9650 level. The price is along the 28 and 14-day EMA. It is between the middle and upper Bollinger Band as shown below.
This pair could continue the previous support and resistance pattern and if it does, it will move to the 0.9757 resistance level. However, there is also a likelihood that it will continue the downward momentum.
This article about Will USDCHF Continue the Downward Momentum? was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.