Daily Analysis For USD/CHF  11-05-2023

Daily Analysis For USD/CHF 11-05-2023

USD/CHF Analysis
USD/CHF
Economic Events and Scenario for USD/CHF
Economic Events : -
GMTEventImpactCurrency
00:01(United Kingdom) RICS House Price BalanceLowGBP
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
00:50(Japan) Bank Lending YoYLowJPY
00:50(Japan) Current AccountMediumJPY
00:50(Japan) BoJ Summary of OpinionsMediumJPY
02:00(Australia) Consumer Inflation ExpectationsLowAUD
02:30(China) Inflation Rate MoMMediumCNY
02:30(China) PPI YoYMediumCNY
02:30(China) Inflation Rate YoYHighCNY
04:35(Japan) 30-Year JGB AuctionLowJPY
05:30(Netherlands) Inflation Rate YoYLowEUR
05:30(Netherlands) Inflation Rate MoMLowEUR
05:30(Netherlands) CPILowEUR
06:00(Japan) Eco Watchers Survey CurrentLowJPY
06:00(Japan) Eco Watchers Survey OutlookLowJPY
07:00(Lithuania) PPI MoMLowEUR
07:00(Lithuania) PPI YoYLowEUR
08:00(China) Vehicle Sales YoYLowCNY
08:00(Slovakia) Construction Output YoYLowEUR
10:00(Malta) Industrial Production YoYLowEUR
10:10(Italy) 3-Year BTP AuctionLowEUR
10:10(Italy) 7-Year BTP AuctionLowEUR
11:00(Latvia) CPILowEUR
11:00(Latvia) Inflation Rate YoYLowEUR
11:00(Latvia) Inflation Rate MoMLowEUR
11:00(Portugal) Inflation Rate YoYLowEUR
11:00(Portugal) Inflation Rate MoMLowEUR
11:00(Portugal) CPILowEUR
11:00(Ireland) Inflation Rate MoMLowEUR
11:00(Ireland) Harmonised Inflation Rate MoMLowEUR
11:00(Ireland) Harmonised Inflation Rate YoYLowEUR
11:00(Ireland) Inflation Rate YoYLowEUR
11:00(Ireland) CPILowEUR
12:00(United Kingdom) BoE Interest Rate DecisionHighGBP
12:00(United Kingdom) BoE MPC Vote CutMediumGBP
12:00(United Kingdom) BoE MPC Vote UnchangedMediumGBP
12:00(United Kingdom) BoE MPC Vote HikeMediumGBP
12:00(United Kingdom) MPC Meeting MinutesMediumGBP
12:00(United Kingdom) BoE Monetary Policy ReportHighGBP
13:00(United Kingdom) NIESR Monthly GDP TrackerLowGBP
13:00(Euro Area) ECB Schnabel SpeechLowEUR
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Core PPI YoYLowUSD
13:30(United States) Core PPI MoMMediumUSD
13:30(United States) PPI YoYLowUSD
13:30(United States) PPI MoMHighUSD
15:15(United States) Fed Waller SpeechMediumUSD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:00(Kosovo) Inflation Rate YoYLowEUR
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
18:00(United States) 30-Year Bond AuctionLowUSD
18:30(Euro Area) ECB Guindos SpeechHighEUR
23:30(New Zealand) Business NZ PMIMediumNZD
23:45(New Zealand) Visitor Arrivals YoYLowNZD

Today's Scenario: - The USD/CHF pair is continuing its downward trend, but is currently consolidating near the year-to-date lows around the 0.8800 level. This follows the release of US data showing a decrease in prices, which contributed to the bearish sentiment of USD/CHF. Additionally, comments from the Swiss National Bank Governor that were interpreted as hawkish were well received by USD/CHF bears. As of the moment, the USD/CHF is trading in the area of 0.8890s.

Buy Scenario: - In light of these observations, we anticipate that there is a valid opportunity for the primary bearish trend to resume. This would lead to the price targeting the levels of 0.8860 and 0.8800, respectively. However, it should be noted that breaching the level of 0.8915 would result in a reversal of the trend, with the price expected to rise and head towards the 0.9065 regions.Till we do not advise to buy USD/CHF.

Sell Scenario: - The USDCHF currency pair is currently experiencing fluctuations in the vicinity of the resistance line of a bearish channel. It is important to note that the exponential moving average of 50 periods is exerting a persistent downward pressure on the price, while the stochastic indicator is gradually losing its positive momentum. Till we do not advise to sell USD/CHF.

Support and Resistance Level: -
SupportResistance
S1 0.8868-R1 0.8927
S2 0.8839-R2 0.8957
S3 0.8809-R3 0.8987

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