USDCHF Analysis
| Week ending 2023-04-07 | |||
| Open | High | Low | Close |
| 0.91401 | 0.91963 | 0.90045 | 0.90510 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.03% | 3 Pips |  |
||
| Week 2023-04-07 | -1.06% | -97 Pips |  |
||
| April | -1.06% | -97 Pips | |
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Upcoming key events for the new week (London Time)
Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) | Mar Wed 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth) | Mar Wed 07:00 PM USD FOMC Meeting Minutes Fri 01:30 PM USD Retail Trade Turnover (1-mth) | Mar Fri 01:30 PM USD Retail Trade Control Group | Mar Fri 03:00 PM USD Michigan Index of Consumer Sentiment | Apr flash Sat 01:00 AM USD IMF Meeting
What happened over the week
📆 ☢️ 🇺🇸 USD Nonfarm Payroll Employment | Mar in March below forecast and dropped to 236K compared to previous figure 326, revised from 311K in February. Source: Bureau of Labor Statistics 🇺🇸 📆 USD In the week ending 01 April, the Initial Unemployment Insurance Claims rose to 228K compared to previous figure 198K. Source: Department of Labor 📆 🇺🇸 USD S&P Global Composite PMI | Mar in March below forecast and dropped to 52.3 points compared to previous figure 53.3 points in February. Source: 📆 🇺🇸 USD Goods and Services Trade Balance | Feb in February exceed forecast and dropped to -70.5$ compared to previous figure -68.7, revised from -68.3$ in January. Source: 📆 🇺🇸 USD Factory Orders (1-mth) | Feb in February exceed forecast and improved to -0.7% compared to previous figure -2.1, revised from -1.6% in January. Source: Census Bureau 📆 🇺🇸 USD S&P Global Manufacturing PMI | Mar in March below forecast and dropped to 49.2 points compared to previous figure 49.3 points in February. Source:
What can we expect from USDCHF for the new week and what happened on Friday?
USDCHF on Friday rose 0.03% to 0.90510. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-04-07, the pair dropped -1.06% or -97 pips lower.
Looking ahead on Monday, USDCHF looks mixed as the pair is likely to consolidate above week low of 0.90045.
For the new week, our technical outlook looks bearish, immediate support level is at 0.89716 (WS1) with break below could see further selling pressure towards 0.88921 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.91963 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 0.90045 would indicate selling pressure.
For the month of April, USDCHF is down by -1.06% or -97 pips lower.
Weekly key levels to watch out:
| R3 | 0.93552 |
| R2 | 0.92757 |
| R1 | 0.91634 |
| Weekly Pivot | 0.90839 |
| S1 | 0.89716 |
| S2 | 0.88921 |
| S3 | 0.87798 |
You might also be interested in:
NFP rose by 236,000 in March, and the unemployment rate changed little at 3.5% Source: Bureau of Labor Statistics Publications U.S. International Trade in Goods and Services, February 2023 Source: Bureau of Economic Analysis U.S. International Trade in Goods and Services Source: Census Bureau Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau February job openings and layoffs and discharges decrease; quits edge up Source: Bureau of Labor Statistics Publications Construction Spending Source: Census Bureau
Consumer prices increased by 0.2% in March 2023 Source: Federal Statistical Office
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