Published on May 8, 2023

Daily Analysis For USD/CHF 08-05-2023

USD/CHF Analysis

Economic Events and Scenario for USD/CHF

Economic Events : -

GMT	Event	Impact	Currency
00:50	(Japan) BoJ Monetary Policy Meeting Minutes	Medium	JPY
01:00	(France) Victory in Europe Day	None	EUR
01:00	(United Kingdom) Bank Holiday for the coronation of King Charles III	None	GBP
01:30	(Japan) Jibun Bank Services PMI	Medium	JPY
01:30	(Japan) Jibun Bank Composite PMI	Low	JPY
02:30	(Australia) Building Permits MoM	Medium	AUD
02:30	(Australia) Private House Approvals MoM	Low	AUD
02:30	(Australia) Building Permits YoY	Low	AUD
02:30	(Australia) NAB Business Confidence	High	AUD
06:00	(Estonia) Inflation Rate YoY	Low	EUR
06:00	(Estonia) Inflation Rate MoM	Low	EUR
06:00	(Estonia) CPI	Low	EUR
07:00	(Finland) Balance of Trade	Low	EUR
07:00	(Germany) Industrial Production MoM	Medium	EUR
09:00	(Australia) Myfxbook AUDUSD Sentiment	Medium	AUD
09:00	(Switzerland) Myfxbook USDCHF Sentiment	Medium	CHF
09:00	(Japan) Myfxbook USDJPY Sentiment	Medium	JPY
09:00	(European Union) Myfxbook EURUSD Sentiment	Medium	EUR
09:00	(United Kingdom) Myfxbook GBPUSD Sentiment	Medium	GBP
09:00	(Canada) Myfxbook USDCAD Sentiment	Medium	CAD
09:00	(New Zealand) Myfxbook NZDUSD Sentiment	Medium	NZD
10:00	(Greece) Balance of Trade	Low	EUR
10:30	(Germany) 3-Month Bubill Auction	Low	EUR
11:00	(Spain) Consumer Confidence	Medium	EUR
11:00	(Latvia) Industrial Production MoM	Low	EUR
11:00	(Latvia) Industrial Production YoY	Low	EUR
15:00	(El Salvador) Inflation Rate YoY	Low	USD
15:00	(El Salvador) Inflation Rate MoM	Low	USD
15:00	(United States) Wholesale Inventories MoM	Low	USD
16:00	(United States) Consumer Inflation Expectations	Low	USD
16:30	(United States) 3-Month Bill Auction	Low	USD
16:30	(United States) 6-Month Bill Auction	Low	USD
23:45	(New Zealand) Electronic Retail Card Spending MoM	Low	NZD
23:45	(New Zealand) Electronic Retail Card Spending YoY	Low	NZD

Today's Scenario: - The USD/CHF pair is currently trading around the key support level of 0.8900 and appears to be range-bound ahead of the release of the US Consumer Price Index (CPI) data on Wednesday. The Swiss franc has remained stable as investors wait for the upcoming data.

Meanwhile, S&P500 futures are showing slight losses in the Asian session following a bullish Friday, indicating a cautious market sentiment. The US Dollar Index (DXY) has retreated after a minor pullback and is currently hovering near the immediate support level of 101.17, with potential for further downside.

Buy Scenario: - The Stochastic oscillator is indicating negative signals that support the continuation of the expected decline. The initial targets are set by breaking below the 0.8860 level, with a potential move towards 0.8800 followed by 0.8705. It is worth noting that a breach above 0.8940 could stop the expected decline and lead to additional gains towards the 0.9080 levels. Till we do not advise to buy USD/CHF.

Sell Scenario: - The USDCHF pair has climbed above the 0.8860 level to test the resistance of an intraday bearish channel shown on the chart. However, the price has failed to break above this resistance and is now beginning to decline towards resuming the main bearish trend.

The projected range for trading today for the USD/CHF pair is between the support level of 0.8810 and the resistance level of 0.8950. The expected trend for today is bearish. Till we do not advise to sell USD/CHF.

Support and Resistance Level: -