Published on Apr 10, 2023

Daily Analysis For USD/CHF 10-04-2023

USD/CHF Analysis

Economic Events and Scenario for USD/CHF

Economic Events : -

GMT	Event	Impact	Currency
00:50	(Japan) Current Account	Medium	JPY
01:00	(Australia) Easter Monday	None	AUD
01:00	(Austria) Easter Monday	None	EUR
01:00	(Belgium) Easter Monday	None	EUR
01:00	(Euro Area) Easter Monday	None	EUR
01:00	(Finland) Easter Monday	None	EUR
01:00	(France) Easter Monday	None	EUR
01:00	(Germany) Easter Monday	None	EUR
01:00	(Ireland) Easter Monday	None	EUR
01:00	(Italy) Easter Monday	None	EUR
01:00	(Latvia) Easter Monday	None	EUR
01:00	(Lithuania) Easter Monday	None	EUR
01:00	(Luxembourg) Easter Monday	None	EUR
01:00	(Malta) Easter Monday	None	EUR
01:00	(Netherlands) Easter Monday	None	EUR
01:00	(New Zealand) Easter Monday	None	NZD
01:00	(Switzerland) Easter Monday	None	CHF
01:00	(United Kingdom) Easter Monday	None	GBP
06:00	(Estonia) Inflation Rate MoM	Low	EUR
06:00	(Estonia) Inflation Rate YoY	Low	EUR
06:00	(Estonia) Balance of Trade	Low	EUR
06:00	(Estonia) CPI	Low	EUR
06:00	(Japan) Consumer Confidence	High	JPY
07:00	(Japan) Eco Watchers Survey Current	Low	JPY
07:00	(Japan) Eco Watchers Survey Outlook	Low	JPY
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) Inflation Rate MoM	Low	EUR
10:00	(Greece) Industrial Production YoY	Low	EUR
10:00	(Greece) Harmonised Inflation Rate YoY	Low	EUR
10:00	(Greece) Inflation Rate YoY	Low	EUR
10:00	(Malta) Balance of Trade	Low	EUR
10:30	(Cyprus) Balance of Trade	Low	EUR
11:00	(Portugal) Balance of Trade	Low	EUR
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
21:15	(United States) Fed Williams Speech	Medium	USD

Today's Scenario: - During the early Tokyo session, the USD/CHF pair is trading flat above the important support level of 0.9036. The Swiss Franc is currently directionless as market participants are waiting for the release of the United States Consumer Price Index (CPI) data on Wednesday.

At the same time, the S&P500 futures have retreated slightly due to increasing tensions between China and Taiwan. The Chinese military's increased drilling activity around Taiwan Island has raised concerns, and as a result, investors are exercising caution. Additionally, concerns about a potential economic recession may cause volatility in US equities.

Buy Scenario: - USD/CHF is trading higher during early Easter Monday in Europe and has renewed its intraday high near 0.9065. The pair is extending its previous day’s recovery from a 22-month low while approaching a one-month-old support-turned-resistance level at around 0.9075.

The bullish MACD signals are adding to the corrective bounce off the multi-day low, which may attract USD/CHF buyers as they approach the previous support near 0.9075. However, even if the quote manages to stay above 0.9075, downward-sloping resistance lines from March 26 and 15, located near 0.9095 and 0.9145 respectively, could hinder USD/CHF buyers.

For the Swiss currency pair buyers to gain further momentum, they need to successfully break above the 100-bar Simple Moving Average (SMA) at around 0.9160.

In such a scenario, 0.9225 and a late March swing high of around 0.9345 may become the next targets. Till we do not advise to buy USD/CHF.

Sell Scenario: - On the other hand, if the USD/CHF bears regain control, multiple lows around 0.9035-30 can act as support before challenging the sellers further. However, if the pair continues to remain bearish below 0.9000, it may fall to the June 2021 low near 0.8925. Till we do not advise to sell USD/CHF.

Support and Resistance Level: -