USDCHF on Thursday dropped -0.91% to 0.9330. Looking bearish. What you need to know before the next trade.

USDCHF on Thursday dropped -0.91% to 0.9330. Looking bearish. What you need to know before the next trade.

Open High Low Close
0.94080 0.94160 0.93182 0.93301

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.91% -85.7 Pips
Week to-date -0.30% -28.2 Pips
March -0.99% -93.3 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

๐Ÿ‡บ๐Ÿ‡ธ ๐Ÿ“† USD In the week ending 04 March, the Initial Unemployment Claims rose to 211K compared to previous figure 190K. Source
๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source

What can we expect from USDCHF today?

USDCHF on Thursday dropped -0.91% to 0.9330. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for USDCHF looks bearish as the pair posted lower in Thursday trading session.

Looking ahead for the day, immediate support level is at 0.92935 (S1) with break below could see further selling pressure towards 0.92570 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.9416 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. USDCHF need to break on either side to indicate a short-term bias. A close below 0.9318 would indicate selling pressure.

For the week to-date, take note that USDCHF is bearish as the pair posted lower by -0.30%.

Key levels to watch out:

R3 0.94891
R2 0.94526
R1 0.93913
Daily Pivot 0.93548
S1 0.92935
S2 0.92570
S3 0.91957

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