USD/CHF: double top bearish pattern in sight?
The Swiss franc (
USD/CHF) rallied against the dollar in London morning trading, after the Swiss National Bank (SNB) unexpectedly raised interest rates by half a percentage point to -0.25%, shocking the market which had anticipated rates to remain unchanged.
Rising inflationary pressures prompted the SNB's unexpected rate rise, afterSwitzerland's inflation rate hit 2.8% year-on-year in May, the highest level since September 2008.
The SNB also stated that further rate increases are inevitable in the foreseeable future and that the franc is no longer highly valued because of recent depreciation.
On the technical front,USD/CHF fell sharply to 0.98, and a double top bearish pattern is increasingly gaining shape, which could indicate a further dip to the neckline support of 0.955. Momentum indicator, as represented by the 14-day relative strength index, tilts dangerously downward and tries to test the 50 mark.
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USD/CHF) rallied against the dollar in London morning trading, after the Swiss National Bank (SNB) unexpectedly raised interest rates by half a percentage point to -0.25%, shocking the market which had anticipated rates to remain unchanged.Rising inflationary pressures prompted the SNB's unexpected rate rise, after
Switzerland's inflation rate hit 2.8% year-on-year in May, the highest level since September 2008. The SNB also stated that further rate increases are inevitable in the foreseeable future and that the franc is no longer highly valued because of recent depreciation.
On the technical front,
USD/CHF fell sharply to 0.98, and a double top bearish pattern is increasingly gaining shape, which could indicate a further dip to the neckline support of 0.955. Momentum indicator, as represented by the 14-day relative strength index, tilts dangerously downward and tries to test the 50 mark.Read more...
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