USDCHF Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.29% | -25.1 Pips |  |
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| Week to-date | -0.18% | -15.4 Pips |  |
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| November | -0.03% | -2.8 Pips | |
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Upcoming key events (London Time)
Tue 12:00 AM USD Presidential Election
What happened lately
In September, the U.S. observed an improvement in its new orders for manufactured goods as they climbed to a decline of -0.5%, marking an enhancement from the revised rate of -0.8% recorded in August, as per the Census Bureau. This data suggests a modest recovery in the manufacturing sector, pointing to potentially increasing demand which could bolster economic growth. Manufacturer orders are often seen as a leading indicator of manufacturing activity, and improvements in this area often suggest stronger economic conditions ahead. With these orders picking back up, it may signal that supply chain issues are easing or demand conditions are gradually improving. Such data gives a mixed yet hopeful view of the current economic landscape, indicating resilience amidst prevailing challenges.
Turning to the currency markets, on Monday, the USDCHF decreased by 0.29% to attain a level of 0.86326. This decline in the exchange rate implies a strengthening of the Swiss Franc against the U.S. Dollar, which could be attributed to varying factors impacting investor sentiment and monetary policies. The manufacturing data, although improved, was still negative, implying concerns about the pace of economic recovery. Additionally, market participants often position themselves ahead of major events, and the upcoming U.S. Presidential Election could lead to volatility and further fluctuations in the USDCHF pair. Political uncertainty usually leads to cautious trading, possibly contributing to the depreciation of the U.S. Dollar against the Swiss Franc.
Latest from X (Twitter)
What can we expect from USDCHF today?
USDCHF on Monday dropped -0.29% to 0.86326. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCHF looks bearish as the pair posted lower in Monday trading session.
Looking ahead for the day, immediate support level is at S1 0.86165 with break below could see further selling pressure towards S2 at 0.86003. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.86770 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.86306 would indicate selling pressure.
For the week to-date, take note that USDCHF is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 0.87093 |
| R2 | 0.86931 |
| R1 | 0.86629 |
| Daily Pivot | 0.86467 |
| S1 | 0.86165 |
| S2 | 0.86003 |
| S3 | 0.85701 |
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