USDCHF Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.67% | -53.5 Pips |  |
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| Week to-date | -0.67% | -53.6 Pips | |
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| June | 0% | -0.1 Pips |  |
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Upcoming key events (London Time)
Tue 02:30 PM USD Federal Reserve Chair Jerome Powell speech
What happened lately
Currently, there are no major economic news reports that are significantly influencing the financial markets. As a result, macroeconomic indicators or announcements are not playing a pivotal role in recent market dynamics.
On Monday, the USDCHF currency pair experienced a decrease of 0.67%, concluding at 0.79301. Despite this drop, the overall change for June was negligible, marking a decrease of only 0.1 pips. This indicates that the currency pair has demonstrated relative stability, without significant fluctuations that would impact trader sentiment. The minor monthly variation reflects steadiness in trading behavior, amid a lack of substantial economic developments.
Looking ahead, a significant event on the horizon is the upcoming speech by Federal Reserve Chair, Jerome Powell, scheduled for Tuesday at 2:30 PM. This event is marked as high-impact and is likely to capture the attention of traders and investors as they seek clues about the monetary policy outlook and any adjustments that may affect USD movements.
The recent decline in USDCHF suggests a potential market cautiousness as participants position themselves ahead of Powell’s remarks. If the speech signals a hawkish stance with indications of tighter monetary policy, the USD may strengthen, potentially counteracting the current decline in USDCHF. Conversely, a dovish outlook with implications of maintaining or easing the current policy could further pressure the USD, continuing the depreciation against the CHF. Overall, the speech will likely be the focal point for market participants looking to gauge the direction of USDCHF, based on how the USD reacts to Powell’s statements.
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What can we expect from USDCHF today?
USDCHF on Monday dropped -0.67% to 0.79301. 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 0.79054 with break below could see further selling pressure towards S2 at 0.78806. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.79945 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.79252 would indicate selling pressure.
For the week to-date, take note that USDCHF is bearish as the pair posted lower by -0.67%.
USDCHF ended month of June trading session down by 0% or -0.1 pips lower.
Key levels to watch out:
| R3 | 0.8044 |
| R2 | 0.80192 |
| R1 | 0.79747 |
| Daily Pivot | 0.79499 |
| S1 | 0.79054 |
| S2 | 0.78806 |
| S3 | 0.78361 |
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