Daily Analysis For USD/CHF 12-04-2023

Daily Analysis For USD/CHF 12-04-2023

USD/CHF Analysis
USD/CHF
Economic Events and Scenario for USD/CHF
Economic Events : -
GMTEventImpactCurrency
00:30(United States) Fed Kashkari SpeechMediumUSD
00:50(Japan) Bank Lending YoYLowJPY
00:50(Japan) PPI YoYLowJPY
00:50(Japan) PPI MoMLowJPY
00:50(Japan) Machinery Orders MoMMediumJPY
00:50(Japan) Machinery Orders YoYMediumJPY
02:30(Australia) Building Permits MoMLowAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
05:30(Netherlands) Balance of TradeLowEUR
05:45(Australia) RBA Bullock SpeechMediumAUD
06:00(Finland) Current AccountLowEUR
07:00(Lithuania) PPI YoYLowEUR
07:00(Lithuania) PPI MoMLowEUR
08:00(Slovakia) Construction Output YoYLowEUR
10:00(United Kingdom) 6-Year Index-Linked Treasury Gilt AuctionLowGBP
10:10(Italy) 12-Month BOT AuctionLowEUR
10:10(Italy) 4-Month BOT AuctionLowEUR
10:30(Germany) 30-Year Bund AuctionLowEUR
11:00(Latvia) CPILowEUR
11:00(Latvia) Inflation Rate YoYLowEUR
11:00(Latvia) Inflation Rate MoMLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:30(United States) Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate YoYHighUSD
13:30(United States) Inflation Rate YoYHighUSD
13:30(United States) CPIHighUSD
13:30(United States) CPI s.aHighUSD
13:30(Euro Area) ECB Guindos SpeechHighEUR
14:00(Ecuador) Balance of TradeLowUSD
14:00(United Kingdom) BoE Gov Bailey SpeechMediumGBP
15:00(Canada) BoC Monetary Policy ReportHighCAD
15:00(Canada) BoC Interest Rate DecisionMediumCAD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:00(Kosovo) Inflation Rate YoYLowEUR
16:00(Canada) BoC Press ConferenceMediumCAD
16:30(United States) 17-Week Bill AuctionLowUSD
18:00(United States) 10-Year Note AuctionLowUSD
19:00(United States) FOMC MinutesHighUSD
19:00(United States) Monthly Budget StatementMediumUSD
20:15(United Kingdom) BoE Gov Bailey SpeechMediumGBP
Today's Scenario: - The USD/CHF pair has failed to see an uptick in the Asian session, despite attempting a rebound move towards 0.9080. The pessimistic sentiment towards the Swiss Franc is due to the prolonged correction in the US Dollar Index (DXY), which has declined to around 102.40 as investors brace themselves for another rate hike by the Federal Reserve (Fed) next month.
S&P500 futures are holding onto marginal gains in Asia, indicating a slightly positive market sentiment after a mildly positive Monday. US yields have dropped slightly amid the extended corrections in the USD Index, with the 10-year US Treasury yields dropping below 3.41%.
The United States Consumer Price Index (CPI) data will be closely monitored for further guidance, as a further softening in headline inflation is expected due to weaker oil prices in March.
The USD/CHF pair has undergone a correction after reaching a weekly high of 0.9140, with the Swiss Franc asset correcting to near the breakout zone of the consolidation that occurred on Monday. The 20-period Exponential Moving Average (EMA) at 0.9084 is currently providing support to the US Dollar bulls.
Buy Scenario: - The Relative Strength Index (RSI) (14) has slipped into the 40.00-60.00 range, indicating exhaustion in the upside momentum.
To see an upside move, the major needs to break above the round-level resistance of 0.9100 decisively, which will drive the major towards the April 04 high at 0.9143, followed by the March 31 high at 0.9178. Till we do not advise to buy USD/CHF.
Sell Scenario: - On the downside, a move below the April 04 low at 0.9040 will expose the Swiss Franc asset to psychological support at 0.9000 and a fresh 21-month low at 0.8930, which was last seen on May 25, 2021. Till we do not advise to sell USD/CHF.
Support and Resistance Level: -
SupportResistance
S1 0.9008-R1 0.9078
S2 0.8983-R2 0.9123
S3 0.8938-R3 0.9148

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