USDCHF Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.05% | -3.9 Pips |  |
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| Week to-date | 0.01% | 1 Pips |  |
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| May | -0.57% | -46.8 Pips |  |
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Upcoming key events (London Time)
Wed 07:00 PM USD FOMC Meeting Minutes
What happened lately
In the absence of any major economic news, the attention turns to the upcoming events that have the potential to influence the USDCHF currency pair. One such significant event is scheduled on Wednesday at 07:00 PM, when the USD FOMC Meeting Minutes will be released. This event is marked with a high impact indicator, suggesting that it could lead to notable market movements. The Federal Open Market Committee (FOMC) Meeting Minutes provide an insight into the economic outlook from the perspective of the Federal Reserve, detailing discussions on interest rates and other monetary policy measures. Investors and traders will analyze the minutes closely to gauge the Federal Reserve’s stance on future economic policy, which can influence market sentiment and currency valuations.
The slight drop of USDCHF to 0.82001 on Monday, by 0.05%, indicates some market speculation or repositioning ahead of the significant upcoming FOMC minutes. If the minutes reveal a more hawkish tone, suggesting a priority on tackling inflation over economic growth, then this could lead to a strengthening of the USD as investors anticipate higher interest rates. Conversely, if the minutes reflect a cautious approach towards rate hikes due to concerns about economic stability, the USD may weaken as expectations of future monetary policy tightening diminish. Therefore, depending on the tone and content of the forthcoming FOMC Meeting Minutes, USDCHF could experience increased volatility, with traders adjusting their positions based on perceived future moves by the Federal Reserve.
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What can we expect from USDCHF today?
USDCHF on Monday dropped -0.05% to 0.82001. Price is below 9-Day EMA while Stochastic is falling in oversold zone.
Updated daily direction for USDCHF looks bearish as the pair posted lower in Monday trading session.
Looking ahead for the day, immediate support level is at S1 0.81831 with break below could see further selling pressure towards S2 at 0.81662. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.82330 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.81911 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 | 0.82669 |
| R2 | 0.825 |
| R1 | 0.8225 |
| Daily Pivot | 0.82081 |
| S1 | 0.81831 |
| S2 | 0.81662 |
| S3 | 0.81412 |
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