USDCHF Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.1% | -8.9 Pips |  |
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| Week to-date | 0.08% | 7.4 Pips |  |
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| December | 1.15% | 101.4 Pips | |
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Upcoming key events (London Time)
Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate) Wed 07:00 PM USD Interest Rate Projections Thu 01:30 PM USD GDP annual rate | Q3
What happened lately
The economic data from the United States for November reveals some mixed signals. Industrial production showed a minor improvement, registering a decline of -0.1%, better than the -0.3% fall in October. This suggests a slight uplift in manufacturing activities. The U.S. Monthly Retail Trade saw a healthy increase from 0.4% in October to 0.7% in November, indicating stronger consumer spending, as reported by the Census Bureau. However, when excluding automobiles, retail trade remained flat at 0.2%, highlighting a more cautious consumer sentiment regarding essential goods. A notable decline was observed in the New York Empire State Manufacturing Index, which fell sharply to 0.2 points in December from a substantial 31.2 points in November, according to the New York Fed. This drop might reflect a significant cooling in the manufacturing sector in that region.
For the USDCHF currency pair, these economic indicators can have various implications. The improvement in retail sales and industrial production might suggest the strengthening of the U.S. dollar due to positive economic momentum. However, the sharp fall in the Empire State Manufacturing Index could offset this sentiment, indicating weaknesses in certain manufacturing segments. As seen, USDCHF experienced a slight decline of -0.1% to 0.89248. Investors might await further guidance from upcoming U.S. economic events, such as the Federal Reserve’s interest rate decision and the interest rate projections, scheduled for Wednesday, along with the Q3 GDP annual rate announcement on Thursday. Significant movements in USDCHF might occur following these events, especially if there are surprises in interest rate policies or economic outlook that could sway investor confidence and influence currency exchange rates.
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What can we expect from USDCHF today?
USDCHF on Tuesday dropped -0.1% to 0.89248. Price is above 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for USDCHF looks bearish as the pair posted lower in Tuesday trading session.
Looking ahead for the day, immediate support level is at S1 0.89011 with break below could see further selling pressure towards S2 at 0.88773. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.89750 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.89143 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 | 0.90225 |
| R2 | 0.89987 |
| R1 | 0.89618 |
| Daily Pivot | 0.8938 |
| S1 | 0.89011 |
| S2 | 0.88773 |
| S3 | 0.88404 |
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