Daily Analysis For USD/CHF 03-05-2023

Daily Analysis For USD/CHF 03-05-2023

USD/CHF Analysis
USD/CHF
Economic Events and Scenario for USD/CHF
Economic Events : -
GMTEventImpactCurrency
00:00(Australia) Ai Group Industry IndexMediumAUD
00:00(Australia) Judo Bank Services PMIHighAUD
00:00(Australia) Judo Bank Composite PMILowAUD
00:00(Australia) Ai Group Construction IndexLowAUD
00:00(Australia) Ai Group Manufacturing IndexLowAUD
01:00(China) May DayNoneCNY
01:00(Japan) Constitution Memorial DayNoneJPY
02:30(Australia) Retail Sales MoMHighAUD
02:30(Australia) RBA Chart PackLowAUD
07:45(France) Budget BalanceLowEUR
09:00(Italy) Unemployment RateHighEUR
10:00(Cyprus) Unemployment RateLowEUR
10:00(Euro Area) Unemployment RateHighEUR
10:00(France) New Car Registrations YoYLowEUR
10:00(United Kingdom) 2-Year Treasury Gilt AuctionLowGBP
10:30(Germany) 7-Year Bund AuctionLowEUR
11:00(Belgium) New Car Registrations YoYLowEUR
11:00(Portugal) Industrial Production YoYLowEUR
11:00(Portugal) Industrial Production MoMLowEUR
11:10(European Union) 6-Month Bill AuctionLowEUR
11:10(European Union) 3-Month Bill AuctionLowEUR
11:30(Portugal) Budget BalanceLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
12:30(Germany) New Car Registrations YoYLowEUR
13:15(United States) ADP Employment ChangeHighUSD
14:30(United States) Treasury Refunding AnnouncementLowUSD
14:45(United States) S&P Global Composite PMIMediumUSD
14:45(United States) S&P Global Services PMIHighUSD
15:00(United States) ISM Non-Manufacturing PricesLowUSD
15:00(United States) ISM Non-Manufacturing New OrdersLowUSD
15:00(United States) ISM Non-Manufacturing EmploymentMediumUSD
15:00(United States) ISM Non-Manufacturing PMIHighUSD
15:00(United States) ISM Non-Manufacturing Business ActivityLowUSD
15:00(United States) Total Vehicle SalesLowUSD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
19:00(United States) Fed Interest Rate DecisionHighUSD
19:30(United States) Fed Press ConferenceHighUSD
23:45(New Zealand) Building Permits MoMLowNZD
Today's Scenario: - During the early Asian session, the USD/CHF pair is struggling to maintain its immediate support level of 0.8920. The Swiss franc has faced significant selling pressure as the US Dollar Index (DXY) sharply declines. Analysts anticipate that the pair will decline further towards its support level of 0.8900 as concerns about the US debt ceiling have lowered the appeal of the USD Index as a safe-haven asset.
S&P500 futures in Asia are currently subdued after a bearish Tuesday. Investors are selling US equities due to the uncertainty surrounding the Federal Reserve's interest rate policy. Additionally, the market is displaying risk aversion as a potential increase in the debt ceiling could negatively impact the long-term outlook for the US economy.
Buy Scenario: - To reach the First Major Resistance Level (R1) at $0.8977, the USD/CHF needs to avoid the $0.8950 pivot. A bullish session could be signaled by a move above the morning high of $0.8931, but only if market risk sentiment supports a pre-US session breakout.
In the event of a breakout session, the Kiwi could potentially test the Second Major Resistance Level (R2) at $0.6251, with the Third Major Resistance Level (R3) at $0.9048. Till we do not advise to buy USD/CHF.
Sell Scenario: - If the pivot is breached, the First Major Support Level (S1) at $0.8905 could come into play. However, unless there is a sell-off prompted by the Fed, the USD/CHF is expected to avoid falling below sub-$0.8891 and the Second Major Support Level (S2) at $0.8879.
The Third Major Support Level (S3) is positioned at $0.8834. Till we do not advise to sell USD/CHF.
Support and Resistance Level: -
SupportResistance
S1 0.8905-R1 0.8977
S2 0.8879-R2 0.9021
S3 0.8834-R3 0.9048

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