USDCHF Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 1.09% | 88.7 Pips |  |
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| Week to-date | 0.74% | 60.3 Pips | |
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| April | -7.12% | -629 Pips |  |
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Upcoming key events (London Time)
Wed 01:30 PM USD Monthly Retail Trade (1-mth)
What happened lately
In the United States, the New York Empire State Manufacturing Index showed a significant improvement, rising to -8.1 points in April from -20 points in March. This development suggests an enhancement in business conditions and manufacturing activity within the New York region, indicating a possible rebound and resilience in the manufacturing sector. As this index is a noteworthy economic indicator, its improvement could reflect broader positive trends in the U.S. economy, fostering optimism among investors and stakeholders.
The observed movement in the USDCHF, which rose by 1.09% to reach a rate of 0.82253, demonstrates the currency pair’s response to current market conditions and economic indicators. The improvement in the manufacturing index may contribute to a more bullish sentiment towards the U.S. dollar, supporting its strength relative to other currencies like the Swiss Franc. As USDCHF moved in consolidation, this suggests that traders are awaiting further cues from upcoming economic events, such as the Monthly Retail Trade data set to be released on Wednesday. This high-impact data could provide additional direction for the currency pair, depending on whether the retail sales figures meet or exceed market expectations.
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What can we expect from USDCHF today?
USDCHF on Tuesday rose 1.09% to 0.82253. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for USDCHF looks mixed as the pair is likely to consolidate above 0.8157 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.82393 or trades above daily pivot 0.81981. Break above could target R1 at 0.82665. While to the downside, we are looking at 0.8157 (S1) and daily low of 0.81298 as support levels. USDCHF need to break on either side to indicate a short-term bias. A break above 0.82393 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 | 0.8376 |
| R2 | 0.83076 |
| R1 | 0.82665 |
| Daily Pivot | 0.81981 |
| S1 | 0.8157 |
| S2 | 0.80886 |
| S3 | 0.80475 |
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