USDCHF Bulls Eye 0.8200 Setup as Dollar Strength Continues

The US dollar has been showing signs of strength after the Federal Reserve's rate hike on September 9, and analysts at Wavetraders are bullish on its prospects. In a recent webinar, Gregor Horvat discussed the potential for a bullish setup in the USDCHF pair near the 0.8200 area.

The Swiss National Bank's reluctance to intervene in the foreign exchange market if the Swiss franc strengthens too much has contributed to this optimism. The SNB's stance keeps investors cautious about the CHF, while the Fed's indication that further rate hikes may still be needed supports a bullish outlook for the US dollar.

From an Elliott Wave perspective, the recovery from the lows is impulsive, and the pullback into 0.8200 was corrective. This suggests that the broader bullish trend could resume. Wavetraders identified this level as a key area to watch, using their Trader Reversal Box analysis tool.

As of September 24, USDCHF has extended to new highs, with the 0.8155-0.8200 yellow support zone providing a strong reaction and an important area for potential bullish opportunities.