Daily Analysis For USD/CHF  08-05-2023

Daily Analysis For USD/CHF 08-05-2023

USD/CHF Analysis
Economic Events and Scenario for USD/CHF
Economic Events : -
00:50(Japan) BoJ Monetary Policy Meeting MinutesMediumJPY
01:00(France) Victory in Europe DayNoneEUR
01:00(United Kingdom) Bank Holiday for the coronation of King Charles IIINoneGBP
01:30(Japan) Jibun Bank Services PMIMediumJPY
01:30(Japan) Jibun Bank Composite PMILowJPY
02:30(Australia) Building Permits MoMMediumAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
02:30(Australia) NAB Business ConfidenceHighAUD
06:00(Estonia) Inflation Rate YoYLowEUR
06:00(Estonia) Inflation Rate MoMLowEUR
06:00(Estonia) CPILowEUR
07:00(Finland) Balance of TradeLowEUR
07:00(Germany) Industrial Production MoMMediumEUR
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
10:00(Greece) Balance of TradeLowEUR
10:30(Germany) 3-Month Bubill AuctionLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
11:00(Latvia) Industrial Production MoMLowEUR
11:00(Latvia) Industrial Production YoYLowEUR
15:00(El Salvador) Inflation Rate YoYLowUSD
15:00(El Salvador) Inflation Rate MoMLowUSD
15:00(United States) Wholesale Inventories MoMLowUSD
16:00(United States) Consumer Inflation ExpectationsLowUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD
23:45(New Zealand) Electronic Retail Card Spending MoMLowNZD
23:45(New Zealand) Electronic Retail Card Spending YoYLowNZD

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: -
S1 0.8838-R1 0.8977
S2 0.8767-R2 0.9045
S3 0.8699-R3 0.9116


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