The US dollar surged higher during Monday’s trading session, breaking above the shooting star pattern from Friday. The Swiss franc, on the other hand, is currently under pressure, leading to a continued bullish trend in the market. The USD/CHF pair is approaching the key level of 0.9250, which has been significant in the past and is likely to remain important in the future.
Market memory plays a crucial role in determining future movements in the market. Patience will be essential for traders as the pair may take some time to reach the target level. Short-term pullbacks can present buying opportunities, with the 0.90 level potentially acting as a short-term support level.
The 50-day EMA is also a key indicator to watch, but the size of the recent candlestick suggests strong momentum behind the current uptrend. This could attract more traders to consider buying opportunities in the market.
Recent price action saw the USD/CHF pair pull back to the 38.2% Fibonacci retracement level before reclaiming the 200-day EMA and 50-day EMA. While the pair may experience some volatility, holding onto it for the long term can be rewarding for traders.
Overall, the market outlook remains bullish for the USD/CHF pair. Traders looking to capitalize on daily forex analysis and predictions can explore the best FX brokers in Switzerland.