USDCHF Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.53% | -46.7 Pips |  |
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| Week to-date | -0.59% | -52.3 Pips |  |
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| November | 2.28% | 196.8 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
Switzerland’s industrial production in the secondary sector experienced a decline in the third quarter of the year. According to the Federal Statistical Office (FSO), the growth rate fell to 3.5% from a revised figure of 7% in the previous quarter, which was initially reported as 7.3% in Q2. This downturn indicates a slowdown in the industrial output, suggesting potential challenges in the manufacturing or related sectors. Such a decrease might reflect weaker domestic demand or international market forces affecting Swiss exports in the secondary sector.
The USDCHF rate experienced a decline of 0.53% on Monday, reaching a level of 0.88314. Although the news specifically regarding Switzerland’s industrial production data was not directly linked to this currency movement, the data might have indirectly contributed to market perceptions about the Swiss economy. A decrease in industrial production could imply a reduced output, influencing the Swiss franc’s strength versus the U.S. dollar. In broader terms, currency pairs like USDCHF are influenced by economic indicators, and the underperformance of Swiss industrial output may contribute to the CHF’s relative weakness. Additionally, in the absence of major economic events, other factors including investor sentiments or global economic developments might have played a role in affecting the USDCHF exchange rate.
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What can we expect from USDCHF today?
USDCHF on Monday dropped -0.53% to 0.88314. Price is above 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 0.88039 with break below could see further selling pressure towards S2 at 0.87763. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.88870 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.88179 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 | 0.89421 |
| R2 | 0.89145 |
| R1 | 0.8873 |
| Daily Pivot | 0.88454 |
| S1 | 0.88039 |
| S2 | 0.87763 |
| S3 | 0.87348 |
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