Forex

USDCHF breaking higher as SNB cuts ratesMar 28, 2024

Following SNB being the first one to cut rates, the CHF has experienced a strong decline across the board in the last week or so. This environment has contributed to the USD/CHF pair breaking a critical trendline on the daily chart, which dates back to the highs of 2022. This breakout indicates a potential for higher prices within a larger triangular range. A closer examination of the 4-hour chart reveals a pattern suggesting five upward waves from the lows, with the fifth wave now possibly in its late stages at channel resistance.So there can be some potential slowdown in the bullish momentum. 

Ideal support on dips is at 0.8732 to 0.8891.

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