USDCHF Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.36% | 31.4 Pips |  |
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| Week to-date | -0.24% | -21.5 Pips |  |
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| November | 2.65% | 229.1 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
In the United States, the Manufacturing Business Outlook Survey, conducted by the Philadelphia Fed, reported a decline in November, falling to -5.5 points from 10.3 points in October. This decrease indicates a contraction in the manufacturing sector, suggesting an overall slowdown in manufacturing activity when compared to the previous month. Additionally, the Department of Labor’s report on Unemployment Insurance Claims revealed a decrease to 213,000 for the week ending on November 16, an improvement from the previous number of 219,000. This slight decline in unemployment claims could be a positive indicator of the labor market’s resilience, despite the manufacturing sector’s challenges.
The USDCHF currency pair observed an increase of 0.36% to 0.88652 on Thursday. The weakness shown in the U.S. manufacturing sector might normally exert some downward pressure on the USD as it hints at an economic slowdown. However, the improvement in the jobless claims could have counteracted this, offering some support to the USD. With no major economic events scheduled and the current mixed economic indicators, the USD may face a period of cautious trading against the CHF. Depending on the market’s interpretation of these data points, traders may remain vigilant, and the USDCHF could be subject to fluctuations based on further economic developments or geopolitical factors. Overall, the combination of these data leads to a somewhat uncertain outlook for USDCHF in the short term.
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What can we expect from USDCHF today?
USDCHF on Thursday rose 0.36% to 0.88652. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCHF looks bullish as the pair ended higher after Thursday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 0.88833 with break above could target R2 at 0.89014 or figure level area. While towards the downside, we are looking at daily low of 0.88205 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.88700 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCHF is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 0.89328 |
| R2 | 0.89014 |
| R1 | 0.88833 |
| Daily Pivot | 0.88519 |
| S1 | 0.88338 |
| S2 | 0.88024 |
| S3 | 0.87843 |
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