In this video, I take a look at the technical roadmap for traders through the FOMC rate decision. What could increase the bearish bias and why? What could shift the bias to the upside – at least in the short term.
With the price falling and trading near the 2024 lows, and the price below the 100/200 hourly moving averages and the 100-bar moving average on the 4-hour chart, the bias is more bearish. However, if the price moves above those moving averages between 0.8467 to 0.8471, the bias – at least in the short term – will turn to the upside with further targets on the upside.
Targets on the upside in a more aggressive move:
- Get above the group or moving average at 0.84718
- Downtrend line near 0.8496.
- 38.2% move down from August high of 0.8517.
- 200 bar MA on 4 hour chart (not broken since mid July 0.8532
- 50% and swing high from Aug 21 at 0.8561
Goals on the downside in a more simplified move:
- Get 0.8431 and stay below it
- Swing area between 0.8399 to 0.84087
- Low after US jobs report at 0.83735.
Moving below this level and the low at the end of December 2023 at 0.83318, the USD/CHF pair is trading at a low dating back to 2011. That was a long time ago.
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