USDCHF Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.68% | 55.6 Pips |  |
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| Week to-date | 1.7% | 138.9 Pips | |
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| April | -6.14% | -543 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
In the United States, new-home sales showed significant growth in March, rising by 7.4% compared to a smaller increase of 1.8% in February. This marks a considerable acceleration in the housing market, suggesting a boost in consumer confidence and demand for housing. The data indicates a potentially strengthening economy, as higher home sales often correlate with increased job creation, wage growth, and other economic activities. The improvement in the housing sector may also reflect favorable conditions such as lower mortgage rates or improved consumer financial health, which are encouraging more home purchases.
Regarding the USDCHF currency pair, the increase in U.S. new-home sales is a positive indicator for the U.S. economy, which could strengthen the U.S. dollar in global markets. As a result, USDCHF saw an upward trend, increasing by 0.68% to 0.82905. Investors might perceive the surge in new-home sales as a signal of economic recovery or robustness, leading to increased demand for the dollar. In foreign exchange markets, such indicators generally boost confidence in the currency, possibly making it more attractive compared to others like the Swiss Franc. Without major economic events on the immediate horizon, the continuation of this trend could be influenced by further positive economic data from the United States, sustaining dollar strength against the Swiss Franc in the short term.
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What can we expect from USDCHF today?
USDCHF on Wednesday rose 0.68% to 0.82905. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCHF looks bullish as the pair ended higher after Wednesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 0.83355 with break above could target R2 at 0.83805 or figure level area. While towards the downside, we are looking at daily low of 0.81969 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.83112 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCHF is bullish as the pair continued to trade higher and is up by 1.7% over the past few days.
Key levels to watch out:
| R3 | 0.84498 |
| R2 | 0.83805 |
| R1 | 0.83355 |
| Daily Pivot | 0.82662 |
| S1 | 0.82212 |
| S2 | 0.81519 |
| S3 | 0.81069 |
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