Published on Apr 20, 2023

Daily Analysis For USD/CHF 20-04-2023

USD/CHF Analysis

Economic Events and Scenario for USD/CHF

Economic Events : -

GMT	Event	Impact	Currency
00:50	(Japan) Foreign Bond Investment	Low	JPY
00:50	(Japan) Stock Investment by Foreigners	Low	JPY
00:50	(Japan) Imports YoY	Low	JPY
00:50	(Japan) Exports YoY	Medium	JPY
00:50	(Japan) Balance of Trade	High	JPY
02:15	(China) Loan Prime Rate 1Y	Medium	CNY
02:15	(China) Loan Prime Rate 5Y	Medium	CNY
04:35	(Japan) 20-Year JGB Auction	Low	JPY
05:30	(Japan) Tertiary Industry Index MoM	Low	JPY
05:30	(Netherlands) Unemployment Rate	Medium	EUR
05:30	(Netherlands) Consumer Confidence	Medium	EUR
06:00	(Estonia) PPI YoY	Low	EUR
06:00	(Estonia) PPI MoM	Low	EUR
07:00	(Germany) PPI YoY	Low	EUR
07:00	(Germany) PPI MoM	Medium	EUR
07:45	(France) Business Climate Indicator	Low	EUR
07:45	(France) Business Confidence	Medium	EUR
09:00	(Greece) Current Account	Low	EUR
09:00	(Spain) Balance of Trade	Medium	EUR
09:40	(Spain) 7-Year Obligacion Auction	Low	EUR
09:40	(Spain) 10-Year Obligacion Auction	Low	EUR
10:00	(China) FDI (YTD) YoY	Medium	CNY
10:00	(Euro Area) Balance of Trade	Medium	EUR
10:00	(Belgium) Consumer Confidence	Low	EUR
10:00	(France) 5-Year BTAN Auction	Low	EUR
10:00	(France) 3-Year BTAN Auction	Low	EUR
11:00	(France) 10-Year Index-Linked OAT Auction	Low	EUR
11:00	(Luxembourg) Unemployment Rate	Low	EUR
11:00	(Portugal) PPI YoY	Low	EUR
11:00	(Portugal) PPI MoM	Low	EUR
12:30	(Euro Area) ECB Monetary Policy Meeting Accounts	Medium	EUR
13:30	(United States) Philadelphia Fed Manufacturing Index	Medium	USD
13:30	(United States) Philly Fed Business Conditions	Low	USD
13:30	(United States) Philly Fed Employment	Low	USD
13:30	(United States) Philly Fed CAPEX Index	Low	USD
13:30	(United States) Philly Fed Prices Paid	Low	USD
13:30	(United States) Philly Fed New Orders	Low	USD
13:30	(United States) Jobless Claims 4-week Average	High	USD
13:30	(United States) Continuing Jobless Claims	High	USD
13:30	(United States) Initial Jobless Claims	High	USD
15:00	(Euro Area) Consumer Confidence	Medium	EUR
15:00	(United States) Existing Home Sales MoM	High	USD
15:00	(United States) Existing Home Sales	High	USD
15:00	(United States) CB Leading Index MoM	Low	USD
15:30	(United States) EIA Natural Gas Stocks Change	Low	USD
16:30	(United States) 8-Week Bill Auction	Low	USD
16:30	(United States) 4-Week Bill Auction	Low	USD
17:00	(United States) Fed Waller Speech	Medium	USD
18:00	(United States) 5-Year TIPS Auction	Low	USD
20:00	(United States) Fed Bowman Speech	Medium	USD
21:15	(Euro Area) ECB Schnabel Speech	Low	EUR

Today's Scenario: - The USD/CHF pair has bounced back from the level of 0.8970 during the early Asian trading session. The Swiss Franc has managed to avoid further decline and rebounded, even though the US Dollar Index (DXY) is trading weak.

The DXY is currently trading in a narrow range of 101.90-102.00 after experiencing high volatility. The index underwent erratic movements following the release of the Federal Reserve's (Fed) Beige Book.

Buy Scenario: - On the upside, the 50-EMA at 0.8987 is the immediate resistance level, followed by a 13-day-old descending trend line and a downward-sloping trend line from early March at around 0.8995 and 0.9030, respectively.

Even if the pair manages to break above 0.9030, the 100-SMA could act as a significant resistance level before welcoming the bulls. Till we do not advise to buy USD/CHF.

Sell Scenario: - If the pair breaks below 0.8955, it may face further selling pressure towards the support levels of 0.8920 and the round figure of 0.8900 before targeting the multi-month low of around 0.8860.

A sustained bearish move below 0.8860 may expose the pair to the 2021 bottom at 0.8755, though the 0.8800 level may provide some support. Till we do not advise to sell USD/CHF.

Support and Resistance Level: -