Daily Analysis For USD/CHF  02-05-2023

Daily Analysis For USD/CHF 02-05-2023

USD/CHF Analysis
Economic Events and Scenario for USD/CHF
Economic Events : -
01:00(China) May DayNoneCNY
01:00(Montenegro) Labor dayNoneEUR
01:01(Ireland) AIB Manufacturing PMILowEUR
04:35(Japan) 3-Month Bill AuctionLowJPY
05:30(Australia) RBA Interest Rate DecisionHighAUD
05:30(Netherlands) Inflation Rate YoYMediumEUR
05:30(Netherlands) Business ConfidenceLowEUR
06:00(Netherlands) NEVI Manufacturing PMILowEUR
07:00(United Kingdom) Nationwide Housing Prices YoYMediumGBP
07:00(United Kingdom) Nationwide Housing Prices MoMMediumGBP
07:00(Germany) Retail Sales MoMHighEUR
07:00(Germany) Retail Sales YoYHighEUR
07:00(Lithuania) GDP Growth Rate YoYLowEUR
07:00(Lithuania) GDP Growth Rate QoQLowEUR
08:00(Austria) Inflation Rate YoYLowEUR
08:00(Austria) Inflation Rate MoMLowEUR
08:00(Austria) Harmonised Inflation Rate MoMLowEUR
08:00(Austria) Harmonised Inflation Rate YoYLowEUR
08:00(Switzerland) Consumer ConfidenceHighCHF
08:15(Spain) S&P Global Manufacturing PMIHighEUR
08:30(Austria) Unemployment RateHighEUR
08:30(Austria) Unemployed PersonsLowEUR
08:30(Switzerland) procure.ch Manufacturing PMIHighCHF
08:45(Italy) S&P Global Manufacturing PMIHighEUR
08:50(France) S&P Global Manufacturing PMIMediumEUR
08:55(Germany) S&P Global Manufacturing PMIHighEUR
09:00(Euro Area) Loans to Households YoYLowEUR
09:00(Euro Area) M3 Money Supply YoYLowEUR
09:00(Euro Area) Loans to Companies YoYLowEUR
09:00(Euro Area) S&P Global Manufacturing PMIHighEUR
09:00(Greece) S&P Global Manufacturing PMIHighEUR
09:30(United Kingdom) S&P Global/CIPS Manufacturing PMIHighGBP
09:30(United States) LMI Logistics Managers Index CurrentLowUSD
10:00(Cyprus) Retail Sales YoYLowEUR
10:00(Euro Area) Core Inflation Rate YoYMediumEUR
10:00(Euro Area) Inflation Rate YoYHighEUR
10:00(Euro Area) Inflation Rate MoMMediumEUR
10:00(Euro Area) CPIHighEUR
10:00(Italy) CPIHighEUR
10:00(Italy) Harmonised Inflation Rate YoYLowEUR
10:00(Italy) Harmonised Inflation Rate MoMLowEUR
10:00(Italy) Inflation Rate MoMMediumEUR
10:00(Italy) Inflation Rate YoYHighEUR
10:30(Germany) Index-Linked Bund AuctionLowEUR
11:00(Portugal) Retail Sales YoYLowEUR
11:00(Portugal) Retail Sales MoMLowEUR
11:00(Spain) New Car Sales YoYLowEUR
11:00(Greece) Total Credit YoYLowEUR
11:00(Italy) PPI MoMLowEUR
11:00(Italy) PPI YoYLowEUR
13:55(United States) Redbook YoYLowUSD
14:00(France) 3-Month BTF AuctionLowEUR
14:00(France) 12-Month BTF AuctionLowEUR
14:00(France) 6-Month BTF AuctionLowEUR
15:00(United States) JOLTs Job QuitsLowUSD
15:00(United States) JOLTs Job OpeningsHighUSD
15:00(United States) Factory Orders ex TransportationLowUSD
15:00(United States) Factory Orders MoMMediumUSD
15:00(United States) Total Vehicle SalesLowUSD
16:00(New Zealand) Global Dairy Trade Price IndexLowNZD
17:00(Belgium) New Car Registrations YoYLowEUR
17:00(Italy) New Car Registrations YoYLowEUR
21:30(United States) API Crude Oil Stock ChangeMediumUSD
22:00(New Zealand) RBNZ Financial Stability ReportMediumNZD
23:45(New Zealand) Participation RateLowNZD
23:45(New Zealand) Labour Costs Index YoYLowNZD
23:45(New Zealand) Labour Costs Index QoQLowNZD
23:45(New Zealand) Employment Change QoQHighNZD
23:45(New Zealand) Unemployment RateHighNZD

Today's Scenario: - USD/CHF is currently fluctuating around the 0.8950-60 level after failing to break a resistance line that has been in place for two weeks during early trading on Tuesday. This has resulted in the pair posting slight losses near the aforementioned level after starting the week on an upward trajectory.
As a result, it is expected that the USD/CHF price will decrease towards the support confluence at 0.8925-20, which includes the 50-period Simple Moving Average (SMA) and a support line that has been ascending for one week.

Buy Scenario: - On the buying side of USD/CHF pair, the resistance line near 0.8965 and the late April swing high of around 0.8975 could limit any immediate upside for USD/CHF. Beyond that, a one-month-old downward-sloping resistance line and the 200-SMA, located near 0.9015 and 0.9060 respectively, would be potential areas of resistance.
Overall, USD/CHF remains bearish, but the downtrend may be losing momentum, with the 0.8925-20 support confluence as a key level to watch. Till we do not advise to buy USD/CHF.

Sell Scenario: - If the bears maintain control of USD/CHF and the price falls below 0.8920, it could approach the support confluence at 0.8925-20, which includes the 50-SMA and a one-week-old ascending support line. Further weakness could bring the 0.8900 round figure and the previous monthly low, as well as the yearly low near 0.8850 into focus.
It's important to note that a drop below 0.8850 could leave the pair vulnerable to falling toward the year 2021 low of around 0.8755. Till we do not advise to sell USD/CHF.

Support and Resistance Level: -
S1 0.8925-R1 0.8976
S2 0.8894-R2 0.8998
S3 0.8873-R3 0.9028


default man
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023:  Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...