The Swiss Franc is gaining strength at a rate of 0.89122 USDCHF, but a potential correction is being watched for.
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- The Swiss Franc is on the march but a correction is eyed for.
The Swiss Franc rallied in tandem with the Euro on Thursday which made a fresh four-week high against the US Dollar after the European Central Bank lifted interest rates to a two-decade high of 3.5% and guided towards more hikes ahead. This has seen USD/CHF subsequently plummet on the day towards a critical support area as the following technical analysis will illustrate:
We have seen a breakdown in the market structure which has left behind the M-formation, a reversion pattern that leaves scope for a correction back towards prior support structures.
Zooming down to the hourly charts, we see the structure on the left where the price could be headed before a deceleration might come into play leading to a phase of accumulation.
Zooming into the present, bulls will be monitoring for that deceleration and a bullish structure within the accumulation schematic to lean against and targetting the imbalance to the upside.
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