-XAUUSD surged by 10.00% from March 9th till 23rd breaking the most recent resistance level.

-USDCHF is in consolidation state not breaking the highs or lows.

USA (USD): FED INTEREST RATE DECISION

Federal Open Market Committee (FOMC) members vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. The current is set to 4.75%.

The report is due Wednesday, 22 March at 18:00 GMT

XAUUSD Technical Analysis:

XAUUSD is in uptrend. The price halted without breaking the support at $1620 from Sept last till Nov first trading week before breaking the previous high at $1730.45. The price from here formed a bullish pattern and started trading inside the bullish channel.

On the way, the 50MA crossed above the 200MA forming the ‘Golden Cross’ signifying bullish sentiment and continuation. The price later formed a high of $1959.75. On 3rd February 2023, the price broke the bullish channel and started its pull phase. Here the price halted at $1807.58 and formed support, also forming an indecision doji candle.

A drastic change from 9th March after the Doji formation led the market to surge by 10.00% showing buyers still wanted to maintain their position in the market. As the price has already broken the resistance at $1959.75, traders now should take BUY confirmation on the lower timeframe. The market would be bullish until it breaks the support at $1807.58.

Pivot Points: XAUUSD

SWITZERLAND (CHF): SNB INTEREST RATE DECISION

Swiss National Bank (SNB) governing board members come to a consensus on where to set the target range for the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. The Swiss interest rate was set at 1.00%.

The report is due Thursday, 23 March at 08:30 GMT

USDCHF Technical Analysis:

USDCHF is in a downtrend. The MA crossover formed the death cross with 50MA crossing below the 200MA on 20th December 2022. The market has been in a consolidation state since the start of Dec 2022.

The price is still between $0.93842 and $0.90730 as resistance and support. The RSI line is at 48.72, showing neutral overbought and oversold condition. However, there is no good trading opportunity until the price breaks either the support or resistance. Traders should wait for confirmation and confluence of the breakout in any o direction keeping in mind the overall direction of the trend is down.

Pivot Points: USDCHF

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