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USDCHF on Friday dropped -0.1% to 0.90449. Week ending 2023-05-26 rose 0.61%. What happened.

USDCHF on Friday dropped -0.1% to 0.90449. Week ending 2023-05-26 rose 0.61%. What happened.

USDCHF Analysis

Performance
Period Pct Chg Momentum
Friday -0.1% -9.1 Pips
Week 2023-05-26 0.61% 54.9 Pips
May 1.21% 107.8 Pips

Upcoming key events for the new week (London Time)

Mon 06:00 AM USD Memorial Day
Tue 08:00 AM CHF GDP (seasonally adjusted) (3-mth)
Thu 01:15 PM USD ADP Non-Farm Employment Change
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened over the week

๐Ÿ‡บ๐Ÿ‡ธ UoM 5-year Consumer Inflation Expectation in May exceed forecast and dropped to 3.1% compared to previous figure 3.2% in April Source: University of Michigan
๐Ÿ‡บ๐Ÿ‡ธ Michigan Index of Consumer Sentiment in May exceed forecast and rose to 59.2 points compared to previous figure 57.7 points in April Source: University of Michigan
๐Ÿ‡บ๐Ÿ‡ธ Core Personal Consumption Expenditures – Price Index (12-mth) in April exceed forecast and rose to 4.7% compared to previous figure 4.6% in March Source: Bureau of Economic Analysis
USD Durable Goods Orders excluding Transportation in April dropped to -0.2% compared to previous figure 0.3% (revised from 0.3%). Source: Census Bureau
๐Ÿ‡บ๐Ÿ‡ธ GDP Annualized in Q1 preliminary estimate exceed forecast and rose to 1.3% compared to previous figure 1.1% in Q4 Source: Bureau of Economic Analysis
๐Ÿ‡บ๐Ÿ‡ธ In the week ending 20 May, the Initial Unemployment Insurance Claims rose to 229K compared to previous figure 225K (revised from 242K) Source: Department of Labor
๐Ÿ‡บ๐Ÿ‡ธ Chicago Fed National Activity Index in April exceed forecast and rose to 0.07 points compared to previous figure -0.37, revised from -0.19 points in March
๐Ÿ‡บ๐Ÿ‡ธ New Residential Sales (1-mth) in April exceed forecast and rose to 0.683M compared to previous figure 0.656, revised from 0.683M in March Source: Census Bureau
๐Ÿ‡จ๐Ÿ‡ญ Industrial Production (12-mth) in Q1 dropped to 3.4% compared to previous figure 6.1% in Q4




USDCHF Daily Chart by TradingView

What can we expect from USDCHF for the new week and what happened on Friday?

USDCHF on Friday dropped -0.1% to 0.90449. Price is above 9-Day EMA while Stochastic is rising in overbought zone. For the week ending 2023-05-26, the pair rose 0.61% or 54.9 pips higher.

Looking ahead on Monday, USDCHF looks mixed as the pair is likely to consolidate above week low of 0.89400.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.90745 or at least consolidates above Weekly Pivot level of 0.90198. On the downside, we are looking at week low 0.89400 or 0.89651 (WS1) as immediate support level. USDCHF need to break on either side to indicate a short-term bias. A break above 0.90745 would suggest bullish bias after recent positive movement.

For the month of May, USDCHF is up by 1.21% or 107.8 pips higher.

Weekly key levels to watch out:

R3 0.92341
R2 0.91543
R1 0.90996
Weekly Pivot 0.90198
S1 0.89651
S2 0.88853
S3 0.88306

You might also be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Advance Retail Inventories Source: Census Bureau
Advance U.S. International Trade in Goods Source: Census Bureau
Advance Wholesale Inventories Source: Census Bureau
Employment growth in 1st quarter 2023 stable at a high level Source: Federal Statistical Office
Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), First Quarter 2023 Source: Bureau of Economic Analysis
Minutes of the Federal Open Market Committee, May 2-3, 2023 Source: Federal Reserve
New Home Sales Source: Census Bureau
Gross Domestic Product for the U.S. Virgin Islands, 2021 Source: Bureau of Economic Analysis

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