Usdchf rises 0.46% in consolidation amid mixed us economic data

USDCHF Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	0.46%	37.9 Pips
Week to-date	-0.41%	-33.9 Pips
April	-6.8%	-601 Pips

Upcoming key events (London Time)

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 recent economic data from the United States reveals a mixed picture. Job openings in March decreased to 7.192 million from a revised 7.568 million in February, as per the Job Openings and Labor Turnover Survey (JOLTS) by the Bureau of Labor Statistics. This decline in job openings could signal a cooling labor market, which may reflect cautious hiring practices among employers in response to evolving economic conditions. Moreover, the U.S. House Price Index also showed a decline, with the 1-month figure falling to 0.1% in February, compared to 0.2% in January and 0.3% previously. This decrease in the house price index might indicate a moderation in the housing market, possibly due to shifts in supply and demand dynamics or as a response to rising interest rates affecting buyers’ affordability.

In relation to the USDCHF currency pair, which rose 0.46% to 0.82329 on Tuesday, the presented economic data may contribute to further consolidation. The depreciation in job openings and housing price growth might lead to expectations of a more cautious approach by the Federal Reserve concerning interest rate adjustments. As the USDCHF is known for its sensitivity to U.S. economic indicators, fluctuations in the pair could ensue from market reactions to these economic releases. However, the impact might also depend on upcoming key economic events such as the USD PCE Price Index and GDP annual rate data, both scheduled for release on Wednesday. Stronger-than-expected data from these releases could support the USD, potentially impacting the exchange rate against the Swiss Franc, whereas weaker data may lead to further consolidation or depreciation.

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What can we expect from USDCHF today?

USDCHF on Tuesday rose 0.46% to 0.82329. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCHF looks mixed as the pair is likely to consolidate above 0.81974 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.82642 or trades above daily pivot 0.82308. Break above could target R1 at 0.82663. While to the downside, we are looking at 0.81974 (S1) and daily low of 0.81953 as support levels. USDCHF need to break on either side to indicate a short-term bias. A break above 0.82642 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:

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