Daily Analysis For USD/CHF 27-04-2023

Daily Analysis For USD/CHF 27-04-2023

USD/CHF Analysis
USD/CHF
Economic Events and Scenario for USD/CHF
Economic Events : -
GMTEventImpactCurrency
00:01(Ireland) Consumer ConfidenceLowEUR
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
01:00(Netherlands) King's BirthdayNoneEUR
02:00(New Zealand) ANZ Business ConfidenceMediumNZD
02:30(Australia) Export Prices QoQLowAUD
02:30(Australia) Import Prices QoQLowAUD
02:30(China) Industrial Profits (YTD) YoYLowCNY
06:00(Japan) Leading Economic IndexLowJPY
06:00(Japan) Coincident IndexLowJPY
06:00(Finland) Consumer ConfidenceLowEUR
06:00(Finland) Business ConfidenceLowEUR
07:00(Lithuania) Retail Sales MoMLowEUR
07:00(Lithuania) Retail Sales YoYLowEUR
08:00(Slovakia) Consumer ConfidenceLowEUR
08:00(Slovakia) Business ConfidenceLowEUR
08:00(Spain) Retail Sales YoYHighEUR
08:00(Spain) Unemployment RateHighEUR
08:00(Spain) Retail Sales MoMHighEUR
09:00(Italy) Consumer ConfidenceMediumEUR
09:00(Italy) Business ConfidenceMediumEUR
09:30(Portugal) Business ConfidenceLowEUR
09:30(Portugal) Consumer ConfidenceLowEUR
10:00(Euro Area) Consumer ConfidenceLowEUR
10:00(Euro Area) Industrial SentimentLowEUR
10:00(Euro Area) Services SentimentLowEUR
10:00(Euro Area) Economic SentimentMediumEUR
10:00(Euro Area) Consumer Inflation ExpectationsLowEUR
10:00(Euro area) Selling Price ExpectationsLowEUR
10:00(Montenegro) Balance of TradeLowEUR
10:00(Montenegro) Tourist Arrivals YoYLowEUR
10:00(Belgium) GDP Growth Rate QoQLowEUR
10:00(Belgium) GDP Growth Rate YoYLowEUR
10:10(Italy) 10-Year BTP AuctionLowEUR
10:10(Italy) 5-Year BTP AuctionLowEUR
10:30(Belgium) Inflation Rate YoYLowEUR
10:30(Belgium) Inflation Rate MoMLowEUR
10:30(Cyprus) Industrial Production YoYLowEUR
11:00(Latvia) Retail Sales MoMLowEUR
11:00(Latvia) Retail Sales YoYLowEUR
11:00(Latvia) GDP Growth Rate QoQLowEUR
11:00(Latvia) GDP Growth Rate YoYLowEUR
12:00(Spain) Business ConfidenceMediumEUR
12:00(Canada) CFIB Business BarometerLowCAD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
13:30(United States) Real Consumer Spending QoQLowUSD
13:30(United States) Core PCE Prices QoQLowUSD
13:30(United States) GDP Sales QoQLowUSD
13:30(United States) PCE Prices QoQLowUSD
13:30(United States) GDP Price Index QoQMediumUSD
13:30(United States) GDP Growth Rate QoQHighUSD
13:30(Canada) Average Weekly Earnings YoYLowCAD
15:00(United States) Pending Home Sales MoMMediumUSD
15:00(United States) Pending Home Sales YoYMediumUSD
15:01(Australia) CoreLogic Dwelling Prices MoMLowAUD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:00(United States) Kansas Fed Composite IndexLowUSD
16:00(United States) Kansas Fed Manufacturing IndexLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
17:15(Euro Area) ECB Panetta SpeechLowEUR
18:00(United States) 7-Year Note AuctionLowUSD
22:00(New Zealand) ANZ Roy Morgan Consumer ConfidenceLowNZD
Today's Scenario: - The USD/CHF pair is currently trading around 0.8900, slightly up from its opening price, after hitting a daily low of 0.8851. The pair seems to have reached a bottom after declining from last year's highs of 1.0147. Risk aversion due to the First Republic Bank crisis remains the main driver of USD/CHF price action. While the crisis has led to flows towards the safe-haven Swiss Franc (CHF), higher US Treasury bond yields have provided some support to the US Dollar (USD), limiting the pair's decline.
Buy Scenario: - On the upside, the 100-HMA and the top line of the aforementioned triangle guard the short-term recovery of the USD/CHF pair. However, the confirmation of the bullish triangle breakout, via a sustained break of 0.8915, does not guarantee a sustained uptrend, and buyers need validation from the 200-HMA hurdle of 0.8935.
The previous weekly high around the psychological level of 0.9000 also acts as an upside filter, and a break above it could propel the quote towards the monthly top near 0.9200. Till we do not advise to buy USD/CHF.
Sell Scenario: - The USD/CHF pair is currently trading near 0.8705, dropping back towards its lowest levels since January 2021 amid a sluggish Asian session. The pair has retreated from the resistance line of a two-week-old bullish triangle and slipped beneath the 100-hour moving average.
The MACD signals and RSI (14) suggest that the USD/CHF pair is likely to continue declining. However, there are multiple supports around 0.8860 that could make it difficult for Swiss Franc pair sellers to break through. If the pair continues to decline, it could gradually run towards the year 2021 low of around 0.8755. Till we do not advise to sell USD/CHF.
Support and Resistance Level: -
SupportResistance
S1 0.8867-R1 0.8940
S2 0.8822-R2 0.8970
S3 0.8793-R3 0.9014

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