Daily Analysis For USD/CHF  01-05-2023

Daily Analysis For USD/CHF 01-05-2023

USD/CHF Analysis
Economic Events and Scenario for USD/CHF
Economic Events : -
00:00(Australia) Judo Bank Manufacturing PMIHighAUD
01:00(Austria) Labor DayNoneEUR
01:00(Belgium) Labor DayNoneEUR
01:00(China) May DayNoneCNY
01:00(Cyprus) Labor DayNoneEUR
01:00(Ecuador) Labor DayNoneUSD
01:00(El Salvador) Labor DayNoneUSD
01:00(Estonia) Spring DayNoneEUR
01:00(Euro Area) Labor DayNoneEUR
01:00(Finland) May DayNoneEUR
01:00(France) Labor DayNoneEUR
01:00(Germany) Labor DayNoneEUR
01:00(Greece) Labor DayNoneEUR
01:00(Ireland) May DayNoneEUR
01:00(Italy) Labor DayNoneEUR
01:00(Latvia) Labor DayNoneEUR
01:00(Lithuania) Labor DayNoneEUR
01:00(Luxembourg) Labor DayNoneEUR
01:00(Malta) Labor DayNoneEUR
01:00(Montenegro) Labor dayNoneEUR
01:00(Portugal) Labor DayNoneEUR
01:00(Spain) Labor DayNoneEUR
01:00(United Kingdom) May Day Bank HolidayNoneGBP
01:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
02:00(Australia) TD-MI Inflation Gauge MoMLowAUD
02:30(Australia) ANZ-Indeed Job Ads MoMLowAUD
06:00(Japan) Consumer ConfidenceHighJPY
07:30(Australia) Commodity Prices YoYLowAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
14:30(Canada) S&P Global Manufacturing PMIHighCAD
14:45(United States) S&P Global Manufacturing PMIHighUSD
15:00(United States) ISM Manufacturing PricesLowUSD
15:00(United States) ISM Manufacturing New OrdersLowUSD
15:00(United States) ISM Manufacturing EmploymentMediumUSD
15:00(United States) Construction Spending MoMLowUSD
15:00(United States) ISM Manufacturing PMIHighUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD

Today's Scenario: - The USD/CHF pair has been gradually correcting after failing to sustain above the immediate resistance level of 0.8950 during the Tokyo session. However, the Swiss franc asset is expected to resume its upward trend as the appeal for the US Dollar Index (DXY) is improving ahead of the Federal Reserve's (Fed) monetary policy announcement.
In Asia, S&P500 futures are adding more gains after recovering from losses, indicating a risk appetite theme where declines are being heavily bought by market participants. Additionally, a recovery in the USD index is supporting US Treasury yields, and the return on 10-year US Treasury bonds has rebounded above 3.45%.

Buy Scenario: - On Friday, the Swiss franc saw some movement following the release of Real Retail Sales data, which showed an unexpected contraction of 1.9% annually, rather than the anticipated expansion of 1.7%. This could be a relief for the Swiss National Bank (SNB) as it tries to tackle persistent inflation. It's worth noting that the Swiss economy will be closed on Monday for Labor Day.
Meanwhile, the USD/CHF pair appears to be gathering strength for a bullish reversal after breaking a downward-sloping trendline and moving confidently above the 20-period Exponential Moving Average on a two-hour scale. A Triple Bottom chart pattern suggests that the selling pressure has abated, and the Relative Strength Index has entered the 40.00-60.00 range, with a move into the bullish 60.00-80.00 range potentially strengthening the US Dollar bulls further.
If the pair can decisively break above the psychological resistance at 0.9000, it may be driven towards the April 07 low and high at 0.9034 and 0.9082, respectively. Till we do not advise to buy USD/CHF.

Sell Scenario: - On the other hand, a downside move below the April 17 low at 0.8922 could drag the pair towards the April 13 low at 0.8860, with the round-level support at 0.8800 potentially exposed if the latter is breached. Till we do not advise to sell USD/CHF.

Support and Resistance Level: -
S1 0.8902-R1 0.8981
S2 0.8859-R2 0.9018
S3 0.8822-R3 0.9060


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