USDCHF Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.59% | -53.4 Pips |  |
||
| Week 2023-05-19 | 0.08% | 6.8 Pips |  |
||
| May | 0.59% | 52.9 Pips | |
||
Upcoming key events for the new week (London Time)
Wed 07:00 PM USD FOMC Meeting Minutes 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Thu 01:30 PM USD GDP Annualized Fri 01:30 PM USD Durable Goods Orders Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
What happened over the week
🇺🇸 Philadelphia Fed Manufacturing Survey in May below forecast and improved to -10.4 points compared to previous figure -31.3 points in April USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Source: Census Bureau 🇺🇸 Advance Monthly Retail Trade (1-mth) in April below forecast and rose to 0.4% compared to previous figure -0.6, revised from -1% in March Source: Census Bureau
What can we expect from USDCHF for the new week and what happened on Friday?
USDCHF on Friday dropped -0.59% to 0.89900. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2023-05-19, the pair rose 0.08% or 6.8 pips higher.
Looking ahead on Monday, USDCHF looks mixed as the pair is likely to consolidate above week low of 0.89180.
As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.90623 (WR1) with break above could target 0.91347 (WR2). On the downside, we are looking at week low of 0.89180 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.90625 would suggest bullish bias after recent positive movement.
For the month of May, USDCHF is up by 0.59% or 52.9 pips higher.
Weekly key levels to watch out:
| R3 | 0.92068 |
| R2 | 0.91347 |
| R1 | 0.90623 |
| Weekly Pivot | 0.89902 |
| S1 | 0.89178 |
| S2 | 0.88457 |
| S3 | 0.87733 |
You might also be interested in:
New Residential Construction Source: Census Bureau Manufacturing and Trade Inventories and Sales Source: Census Bureau Advanced Monthly Sales for Retail and Food Services Source: Census Bureau
The number of employed persons rose by 2.1% and the unemployment rate (ILO definition) fell to 4.3% in the 1st quarter 2023 Source: Federal Statistical Office Producer and Import Price Index rose by 0.2% in April Source: Federal Statistical Office
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