• Sat. Jun 15th, 2024

USDCHF on Friday rose 0.32% to 0.90854. Week ending 2024-05-17 rose 0.29%. What happened.

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Dear ,

As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.

USDCHF Analysis

Performance
Period Pct Chg Momentum
Friday 0.32% 29 Pips
Week 2024-05-17 0.29% 26.4 Pips
May -1.12% -102.5 Pips

Upcoming key events for the new week (London Time)

  Wed 07:00 PM FOMC Meeting Minutes
  Thu 01:30 PM Initial Unemployment Insurance Claims
  Fri 08:45 AM SNB’s Chairman Thomas Jordan speech

What happened over the week

🇨🇭 Switzerland Industrial Production (12-mth) in Q1 dropped to -3.1% compared to previous figure -0.5, revised from -0.4% in Q4
🇺🇸 U.S. Industrial Production (1-mth) in April dropped to 0% compared to previous figure 0.4% in March
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in May dropped to 4.5 points compared to previous figure 15.5 points in April
🇺🇸 U.S. CPI Inflation Rate (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Retail Trade (1-mth) in April dropped to 0% compared to previous figure 0.6, revised from 0.7% in March Source: Census Bureau
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. New York Empire State Manufacturing Index in May dropped to -15.6 points compared to previous figure -14.3 points in April
🇺🇸 U.S. Producer Price Index (12-mth) in April rose to 2.2% compared to previous figure 1.8, revised from 2.1% in March
🇺🇸 U.S. Producer Price Index (1-mth) in April rose to 0.5% compared to previous figure -0.1, revised from 0.2% in March


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

USDCHF on Friday rose 0.32% to 0.90854. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-05-17, the pair rose 0.29% or 26.4 pips higher.

Looking ahead on Monday, USDCHF looks bullish as the pair ended higher after Friday trading session.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.91021 or at least consolidates above Weekly Pivot level of 0.90584. On the downside, we are looking at week low 0.89876 or 0.90146 (WS1) as immediate support level. USDCHF need to break on either side to indicate a short-term bias. A break above 0.91021 would suggest bullish bias after recent positive movement.

For the month of May, USDCHF is down by -1.12% or -102.5 pips lower.

Weekly key levels to watch out:

R3 0.92436
R2 0.91729
R1 0.91291
Weekly Pivot 0.90584
S1 0.90146
S2 0.89439
S3 0.89001
On Key

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