Published on Apr 6, 2023

Daily Analysis For USD/CHF 06-04-2023

USD/CHF Analysis

Economic Events and Scenario for USD/CHF

Economic Events : -

GMT	Event	Impact	Currency
00:50	(Japan) Foreign Bond Investment	Low	JPY
00:50	(Japan) Stock Investment by Foreigners	Low	JPY
01:00	(El Salvador) Maundy Thursday	None	USD
01:00	(Portugal) Maundy Thursday	None	EUR
02:30	(Australia) Exports MoM	Low	AUD
02:30	(Australia) Imports MoM	Low	AUD
02:30	(Australia) Balance of Trade	High	AUD
02:30	(Australia) RBA Financial Stability Review	Medium	AUD
02:45	(China) Caixin Composite PMI	Low	CNY
02:45	(China) Caixin Services PMI	High	CNY
04:35	(Japan) 6-Month Bill Auction	Low	JPY
04:35	(Japan) 30-Year JGB Auction	Low	JPY
06:00	(Estonia) Industrial Production MoM	Low	EUR
06:00	(Estonia) Industrial Production YoY	Low	EUR
06:00	(Finland) Industrial Production YoY	Low	EUR
06:45	(Switzerland) Unemployment Rate	High	CHF
07:00	(Finland) Balance of Trade	Low	EUR
07:00	(Germany) Industrial Production MoM	Medium	EUR
07:00	(United Kingdom) Halifax House Price Index MoM	Medium	GBP
07:00	(United Kingdom) Halifax House Price Index YoY	Medium	GBP
08:00	(Austria) Balance of Trade	Low	EUR
08:00	(Austria) Wholesale Prices MoM	Low	EUR
08:00	(Austria) Wholesale Prices YoY	Low	EUR
08:00	(Slovakia) Balance of Trade	Low	EUR
08:00	(Switzerland) Foreign Exchange Reserves	Low	CHF
08:30	(Euro Area) S&P Global Construction PMI	Low	EUR
08:30	(France) S&P Global Construction PMI	Low	EUR
08:30	(Germany) S&P Global Construction PMI	Medium	EUR
08:30	(Italy) S&P Global Construction PMI	Low	EUR
09:00	(Germany) New Car Registrations YoY	Low	EUR
09:30	(United Kingdom) S&P Global/CIPS Construction PMI	Medium	GBP
10:00	(France) New Car Registrations YoY	Low	EUR
10:00	(Cyprus) Construction Output YoY	Low	EUR
10:00	(Cyprus) Inflation Rate MoM	Low	EUR
10:00	(Cyprus) Inflation Rate YoY	Low	EUR
10:00	(France) 10-Year OAT Auction	Low	EUR
11:00	(Ireland) Industrial Production YoY	Low	EUR
12:30	(United States) Challenger Job Cuts	Low	USD
13:30	(Canada) Average Hourly Wages YoY	Low	CAD
13:30	(Canada) Part Time Employment Chg	Medium	CAD
13:30	(Canada) Full Time Employment Chg	Medium	CAD
13:30	(Canada) Participation Rate	Medium	CAD
13:30	(Canada) Employment Change	High	CAD
13:30	(Canada) Unemployment Rate	High	CAD
13:30	(United States) Initial Jobless Claims	High	USD
13:30	(United States) Jobless Claims 4-week Average	High	USD
13:30	(United States) Continuing Jobless Claims	High	USD
15:00	(Canada) Ivey PMI s.a	High	CAD
15:00	(Ecuador) Inflation Rate YoY	Low	USD
15:00	(United States) Total Vehicle Sales	Low	USD
15:00	(United States) Fed Bullard Speech	Medium	USD
15:30	(United States) EIA Natural Gas Stocks Change	Low	USD
16:30	(United States) 8-Week Bill Auction	Low	USD
16:30	(United States) 4-Week Bill Auction	Low	USD
18:00	(United States) Baker Hughes Oil Rig Count	Low	USD
18:00	(United States) Baker Hughes Total Rig Count	Low	USD

Today's Scenario: - USD/CHF has declined to 0.9060 in early Thursday trading after failing to recover from the 22-month low it hit the previous day. The pair, denominated in Swiss Franc (CHF), is benefiting from weakness in the US Dollar ahead of important employment data.

Despite a corrective bounce on Wednesday, the US Dollar remains under pressure due to concerns about the US Federal Reserve's interest rate policy and challenges to the dollar's status as a reserve currency.

Buy Scenario: - USD/CHF is currently trading around 0.9075, after breaking through a downward-sloping resistance line from Monday. This move extends the pair's recovery from the lowest levels seen since June 2021. The pair's previous support line from early February, around 0.9080, poses a challenge to its recovery, and if it remains firm past this level, a one-month-old resistance line at 0.9155 will act as the next resistance level, followed by the 100-SMA level of around 0.9190. Till we do not advise to buy USD/CHF.

Sell Scenario: - In the event that the pair rises above 0.9190, it could aim for the mid-March high of 0.9342. On the downside, the immediate resistance-turned-support line near 0.9070 will limit the pair's immediate downside, followed by the latest bottom near 0.9005. Additionally, the psychological magnet of 0.9000 will act as a downside filter, and a break below this level could drag the pair towards the June 2021 low of around 0.8925.

Overall, USD/CHF is expected to consolidate recent losses near the multi-month low, but the bullish trend is not yet visible. Till we do not advise to sell USD/CHF.

Support and Resistance Level: -