Daily Analysis For USD/CHF  05-05-2023

Daily Analysis For USD/CHF 05-05-2023

USD/CHF Analysis
USD/CHF
Economic Events and Scenario for USD/CHF
Economic Events : -
GMTEventImpactCurrency
01:00(Japan) International Children's DayNoneJPY
01:00(Netherlands) Liberation DayNoneEUR
02:30(Australia) Home Loans MoMMediumAUD
02:30(Australia) Investment Lending for HomesMediumAUD
02:30(Australia) RBA Statement on Monetary PolicyMediumAUD
02:45(China) Caixin Composite PMILowCNY
02:45(China) Caixin Services PMIHighCNY
06:45(Switzerland) Unemployment RateHighCHF
07:00(Germany) Factory Orders MoMMediumEUR
07:30(Switzerland) Inflation Rate MoMLowCHF
07:30(Switzerland) Inflation Rate YoYMediumCHF
07:30(Switzerland) CPIHighCHF
07:45(France) Industrial Production MoMMediumEUR
07:45(France) Private Non Farm Payrolls QoQLowEUR
08:00(Austria) Wholesale Prices YoYLowEUR
08:00(Austria) Wholesale Prices MoMLowEUR
08:00(Austria) Balance of TradeLowEUR
08:00(Slovakia) Retail Sales YoYLowEUR
08:00(Slovakia) Retail Sales MoMLowEUR
08:00(Spain) Industrial Production YoYLowEUR
08:00(Switzerland) Foreign Exchange ReservesLowCHF
08:30(Euro Area) S&P Global Construction PMILowEUR
08:30(France) S&P Global Construction PMILowEUR
08:30(Germany) S&P Global Construction PMIMediumEUR
08:30(Italy) S&P Global Construction PMILowEUR
09:00(Italy) Retail Sales MoMHighEUR
09:00(Italy) Retail Sales YoYHighEUR
09:30(Slovenia) Balance of TradeLowEUR
09:30(United Kingdom) S&P Global/CIPS Construction PMIMediumGBP
10:00(France) New Car Registrations YoYLowEUR
10:00(Euro Area) Retail Sales YoYHighEUR
10:00(Euro Area) Retail Sales MoMHighEUR
11:00(Luxembourg) Inflation Rate YoYLowEUR
11:00(Luxembourg) Inflation Rate MoMLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
13:30(Canada) Average Hourly Wages YoYLowCAD
13:30(Canada) Full Time Employment ChgMediumCAD
13:30(Canada) Part Time Employment ChgMediumCAD
13:30(Canada) Participation RateMediumCAD
13:30(Canada) Employment ChangeHighCAD
13:30(Canada) Unemployment RateHighCAD
13:30(United States) Manufacturing PayrollsLowUSD
13:30(United States) Nonfarm Payrolls PrivateHighUSD
13:30(United States) Non Farm PayrollsHighUSD
13:30(United States) Unemployment RateHighUSD
13:30(United States) Government PayrollsLowUSD
13:30(United States) Participation RateMediumUSD
13:30(United States) Average Weekly HoursLowUSD
13:30(United States) Average Hourly Earnings MoMMediumUSD
13:30(United States) Average Hourly Earnings YoYMediumUSD
14:30(United States) Used Car Prices MoMLowUSD
14:30(United States) Used Car Prices YoYLowUSD
15:00(Ecuador) Inflation Rate YoYLowUSD
15:00(El Salvador) Inflation Rate YoYLowUSD
15:00(El Salvador) Inflation Rate MoMLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
20:00(United States) Consumer Credit ChangeLowUSD

Today's Scenario: - The Swiss Franc (CHF) reached a new high of the year against the US Dollar (USD) with the USD/CHF dropping towards 0.8819, which is the lowest level reached this year. This was due to risk aversion hitting the markets. However, the USD rebounded from its earlier losses, and the USD/CHF pair has since reversed its course, and is currently trading at 0.8858, with a gain of 0.20%.

Buy Scenario: - Despite hitting new lows, there are indications that the USD/CHF pair could see an upward correction. The Relative Strength Index (RSI) has shown a positive divergence, despite being in bearish territory, as each successive lower low of the USD/CHF has resulted in higher troughs. To continue this trend, buyers must reclaim the 20-day Exponential Moving Average (EMA) at 0.8955 and move above the May 2 high at around 0.9000. If this occurs, the next resistance level is the 50-day EMA at 0.9067 before potentially reaching 0.9100. Till we do not advise to buy USD/CHF.

Sell Scenario: - If the USD/CHF falls below 0.8819, it is likely to reach 0.8800. Till we do not advise to sell USD/CHF.

Support and Resistance Level: -
SupportResistance
S1 0.8821-R1 0.8893
S2 0.8785-R2 0.8928
S3 0.8750-R3 0.8964

Discussion

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