Weak CHF Offers Opportunities Ahead Of FOMC Volatility
Wed 20th September 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- AUDCHF (Primary Focus Pair)
- CADCHF (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
Today’s slate sees the FOMC Federal Funds Rate decision.
This highly anticipated event will cause volatility in the markets especially those pairs surrounding the USD.
Looking at our live proprietary forex strength vs weakness tables, CHF remains a weaker currency at Weak 3 (W3). AUD is Strong 3 (S3) on the tables which keeps AUDCHF on our watchlist.
We featured AUDCHF in yesterday’s post and not much of the analysis has changed.
Price on the weekly (W1) chart is still in a downward trend but in a secondary phase, this means that price is going against the higher time frame trend.
In these market conditions we can look for price to trade back to a point where the prevailing trend may come back, in this case the lows that formed on 23rd April at 0.5850.
Our H4 timeframe shows price making higher highs and higher lows in a strong upward trend; we need this to continue if price is to test the weekly resistance of 0.5850.
We have alerts set at the prior H1 consolidation at 0.5780 which formed on 19th September.
If price tests this level it could see buyers come back into the market.
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