Daily Analysis For USD/CHF  22-03-2023

Daily Analysis For USD/CHF 22-03-2023

USD/CHF Analysis
USD/CHF
Economic Events and Scenario for USD/CHF
Economic Events : -
GMTEventImpactCurrency
00:00(Australia) Westpac Leading Index MoMLowAUD
05:30(Netherlands) Consumer ConfidenceMediumEUR
07:00(United Kingdom) PPI Core Output YoYLowGBP
07:00(United Kingdom) PPI Core Output MoMLowGBP
07:00(United Kingdom) Core Inflation Rate MoMLowGBP
07:00(United Kingdom) PPI Output MoMLowGBP
07:00(United Kingdom) PPI Input MoMLowGBP
07:00(United Kingdom) PPI Output YoYLowGBP
07:00(United Kingdom) PPI Input YoYLowGBP
07:00(United Kingdom) Inflation Rate MoMMediumGBP
07:00(United Kingdom) Core Inflation Rate YoYMediumGBP
07:00(United Kingdom) Inflation Rate YoYHighGBP
07:00(United Kingdom) Retail Price Index YoYLowGBP
07:00(United Kingdom) Retail Price Index MoMLowGBP
08:00(Slovakia) Current AccountLowEUR
08:00(Switzerland) Current AccountMediumCHF
08:45(Euro Area) ECB President Lagarde SpeechMediumEUR
09:00(Euro Area) Current AccountLowEUR
09:00(Euro Area) Current Account s.aLowEUR
09:30(Euro Area) ECB Lane SpeechMediumEUR
10:00(Belgium) Consumer ConfidenceLowEUR
10:00(Italy) Current AccountLowEUR
10:00(United Kingdom) 5-Year Treasury Gilt AuctionLowGBP
10:30(Germany) 10-Year Bund AuctionMediumEUR
11:00(Ireland) Wholesale Prices MoMLowEUR
11:00(Ireland) Wholesale Prices YoYLowEUR
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
11:00(United States) MBA 30-Year Mortgage RateMediumUSD
11:00(United States) MBA Mortgage ApplicationsLowUSD
11:00(United States) MBA Mortgage Market IndexLowUSD
11:00(United States) MBA Mortgage Refinance IndexLowUSD
11:00(United States) MBA Purchase IndexLowUSD
11:30(Portugal) Current AccountLowEUR
12:05(Germany) Bundesbank Mauderer SpeechLowEUR
12:30(Canada) New Housing Price Index MoMMediumCAD
12:30(Canada) New Housing Price Index YoYMediumCAD
13:45(Euro Area) ECB Panetta SpeechLowEUR
14:00(Kosovo) Balance of TradeLowEUR
14:30(United States) EIA Refinery Crude Runs ChangeLowUSD
14:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
14:30(United States) EIA Heating Oil Stocks ChangeLowUSD
14:30(United States) EIA Gasoline Production ChangeLowUSD
14:30(United States) EIA Distillate Stocks ChangeLowUSD
14:30(United States) EIA Crude Oil Imports ChangeLowUSD
14:30(United States) EIA Gasoline Stocks ChangeMediumUSD
14:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
14:30(United States) EIA Distillate Fuel Production ChangeLowUSD
15:30(United States) 17-Week Bill AuctionLowUSD
17:00(Germany) Bundesbank Nagel SpeechLowEUR
17:30(Canada) BoC Summary of DeliberationsMediumCAD
18:00(United States) Fed Interest Rate DecisionHighUSD
18:00(United States) FOMC Economic ProjectionsHighUSD
18:00(United States) Interest Rate Projection - LongerMediumUSD
18:00(United States) Interest Rate Projection - CurrentMediumUSD
18:00(United States) Interest Rate Projection - 2nd YrMediumUSD
18:00(United States) Interest Rate Projection - 1st YrMediumUSD
18:30(United States) Fed Press ConferenceHighUSD
23:00(Japan) Reuters Tankan IndexMediumJPY

Today's Scenario: - USD/CHF is currently trading around 0.9230, marking slight gains as it bounces back from the lowest levels seen in a week, ahead of Wednesday’s European session. The pair is consolidating after experiencing its biggest daily loss in a week, ahead of the much-awaited Federal Open Market Committee (FOMC) monetary policy meeting.
The previous day saw mixed headlines from Switzerland along with increased optimism, which weighed on USD/CHF prices. However, pre-FOMC anxiety and a light economic calendar seem to have limited the pair’s movements, allowing traders to retrace earlier losses. Moreover, reports of US policymakers discussing ways to surpass Congress to defend banks, as well as First Republic Bank looking for government aid, have also contributed to the pair’s rise.

Buy Scenario: - The USD/CHF pair is facing a descending resistance line that has been in place for the past two weeks, currently located around 0.9275. Beyond that, the 100-day moving average at 0.9345 is another important resistance level for buyers to overcome. Till we do not advise to buy USD/CHF.

Sell Scenario: - On the other hand, there are multiple support levels for sellers to test, with the first one located around 0.9140. Till we do not advise to sell USD/CHF.

Support and Resistance Level: -
SupportResistance
S1 0.9183-R1 0.9291
S2 0.9143-R2 0.9358
S3 0.9076-R3 0.9398

Discussion

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