Daily Analysis For USD/CHF  19-05-2023

Daily Analysis For USD/CHF 19-05-2023

USD/CHF Analysis
Economic Events and Scenario for USD/CHF
Economic Events : -
00:01(United Kingdom) Gfk Consumer ConfidenceHighGBP
00:30(Japan) Core Inflation Rate YoYMediumJPY
00:30(Japan) Inflation Rate MoMLowJPY
00:30(Japan) Inflation Rate YoYHighJPY
00:30(Japan) Inflation Rate Ex-Food and Energy YoYLowJPY
01:00(Belgium) Friday after Ascension DayNoneEUR
04:00(New Zealand) Credit Card Spending YoYLowNZD
04:35(Japan) 3-Month Bill AuctionLowJPY
05:30(Japan) Tertiary Industry Index MoMLowJPY
07:00(Germany) PPI YoYLowEUR
07:00(Germany) PPI MoMMediumEUR
08:00(Slovakia) Current AccountLowEUR
09:00(Greece) Current AccountLowEUR
09:00(Italy) Construction Output YoYLowEUR
09:30(Slovenia) PPI YoYLowEUR
10:00(Slovakia) Unemployment RateLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
12:00(Montenegro) Current AccountLowEUR
13:30(Canada) Retail Sales YoYHighCAD
13:30(Canada) Retail Sales Ex Autos MoMHighCAD
13:30(Canada) Retail Sales MoMHighCAD
13:45(United States) Fed Williams SpeechMediumUSD
14:00(United States) Fed Bowman SpeechMediumUSD
15:55(Euro Area) ECB Schnabel SpeechMediumEUR
16:00(United States) Fed Chair Powell SpeechHighUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
20:00(Euro Area) ECB President Lagarde SpeechMediumEUR

Today's Scenario: - USD/CHF is experiencing selling pressure and has reached a new intraday low near 0.9040. This comes after the pair retreated from a five-week high leading into the European session on Friday.
The decline in the USD/CHF pair marks its first daily loss in four days, as the US Dollar faces challenges in maintaining its recent gains. There are mixed concerns regarding the optimism of US policymakers in passing the debt limit before it expires. Additionally, fresh concerns surrounding US-China relations and anticipation ahead of Federal Reserve Chairman Jerome Powell's speech are weighing on the USD/CHF pair.

Buy Scenario: - USD/CHF has experienced a breakout of the Wyckoff Accumulation pattern on a four-hour timeframe, indicating a bullish reversal. The Swiss franc pair is currently in a mark-up phase characterized by strong upward price movement and high trading volume. The 20-period Exponential Moving Average (EMA) with an upward slope at 0.9000 is providing support for USD bulls.
Looking ahead, a clear break above the May 18 high at 0.9063 would likely propel the pair towards the key resistance level of 0.9100, followed by the March 28 low at 0.9137. Till we do not advise to buy USD/CHF.

Sell Scenario: - Alternatively, if the pair moves below the May 16 low at 0.8929, it could trigger a downside move towards the April 14 low at 0.8867. Further downward momentum could lead the pair towards the Spring formation around the May 04 low at 0.8820. Till we do not advise to sell USD/CHF.

Support and Resistance Level: -
S1 0.9001-R1 0.9083
S2 0.8949-R2 0.9114
S3 0.8918-R3 0.9165


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