USDCHF Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.46% | -40.9 Pips |  |
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| Week to-date | -0.45% | -40.4 Pips |  |
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| November | 2.59% | 223.4 Pips |  |
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Upcoming key events (London Time)
Tue 07:00 PM USD FOMC Meeting Minutes Wed 01:30 PM USD PCE Price Index, excluding food and energy (12-mth) Wed 01:30 PM USD GDP annual rate
What happened lately
The USDCHF currency pair experienced a drop of 0.46% on Monday, settling at 0.88588. Despite lacking major economic news, several upcoming events are expected to have a significant impact on this currency pair. One noteworthy event is the upcoming release of the FOMC Meeting Minutes set for Tuesday at 07:00 PM. This event is often closely scrutinized by market participants as it provides insights into the Federal Reserve’s monetary policy outlook. Apart from this, there will also be the release of the PCE Price Index, excluding food and energy, as well as the GDP annual rate on Wednesday at 01:30 PM. The Personal Consumption Expenditures (PCE) Price Index is a vital indicator of inflation, and its results can influence the Federal Reserve’s interest rate decisions, as inflation control is one of its main goals. Meanwhile, the Gross Domestic Product (GDP) annual rate provides a comprehensive picture of the country’s economic health, and any deviations from expectations can sway investor sentiment.
The impact of these forthcoming economic events on the USDCHF is likely to be marked by increased volatility. The anticipation of the Federal Open Market Committee’s (FOMC) meeting minutes can result in speculative trading, given the expectation that the minutes will shed light on future interest rate decisions by the Federal Reserve. Higher-than-expected inflation data from the PCE Price Index could strengthen the dollar if it leads to expectations of tighter monetary policy by the Fed. Conversely, weaker inflation readings could weaken the dollar as it might imply a more dovish Fed stance. Finally, the GDP data will be pivotal; a strong GDP number could bolster the dollar by underscoring robust economic growth, whereas weaker growth might dampen the currency’s value. Overall, traders and investors will pay close attention to the upcoming releases to ascertain the Federal Reserve’s future moves, making the USDCHF pair particularly sensitive in the days ahead.
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What can we expect from USDCHF today?
USDCHF on Monday dropped -0.46% to 0.88588. Price is above 9-Day EMA while Stochastic is rising.
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 0.88322 with break below could see further selling pressure towards S2 at 0.88057. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.89171 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.88481 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 | 0.89702 |
| R2 | 0.89437 |
| R1 | 0.89012 |
| Daily Pivot | 0.88747 |
| S1 | 0.88322 |
| S2 | 0.88057 |
| S3 | 0.87632 |
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