USDCHF Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -1.17% | -96.4 Pips |  |
||
| Week to-date | -0.18% | -14.7 Pips |  |
||
| April | -7.97% | -704 Pips | |
||
Upcoming key events (London Time)
No major events for the day.
What happened lately
The United States witnessed mixed economic data for March. Retail trade excluding automobiles saw a marginal dip, dropping to 0.5% from a revised 0.7% in February. However, a broader scope of retail trade showcased a significant uptick, climbing to 1.4% from 0.2% in the previous month. This indicates a robust retail environment, albeit with some variations across sectors. Additionally, the retail trade control group, a vital component for GDP calculations, experienced a downturn, falling to 0.4% from a revised 1.3% in February. Meanwhile, the New York Empire State Manufacturing Index showed signs of recovery, improving to -8.1 points in April from -20 points in March, suggesting a less severe contraction in manufacturing activities.
The recent economic indicators from the U.S. reflect a mixed outlook, with notable improvements in some areas tempered by declines or slower growth in others. The positive retail trade figures contribute to a view of resilient consumer spending, potentially supporting the U.S. dollar. However, declines in specific areas such as the retail trade control group may offset some of these gains. In terms of the USDCHF currency pair, the mixed U.S. economic results could lead to uncertainty and potentially contribute to volatility. Given the recent drop in USDCHF by 1.17% to 0.81289, the market might already reflect concerns surrounding the debated robustness of the U.S. economy. In the absence of major events for the day, the currency pair may continue to be influenced by these recent data releases and market sentiment, leading to cautious trading and potential resistance to upward movement for the USD in the short term.
Latest from X (Twitter)
What can we expect from USDCHF today?
USDCHF on Wednesday dropped -1.17% to 0.81289. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for USDCHF looks bearish as the pair posted lower in Wednesday trading session.
Looking ahead for the day, immediate support level is at S1 0.80854 with break below could see further selling pressure towards S2 at 0.80419. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.82286 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.81135 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 | 0.83156 |
| R2 | 0.82721 |
| R1 | 0.82005 |
| Daily Pivot | 0.8157 |
| S1 | 0.80854 |
| S2 | 0.80419 |
| S3 | 0.79703 |
#USDCHF Trending on Twitter
[custom-twitter-feeds hashtag=”#USDCHF” num=3 showheader=false]