Daily Analysis For USD/CHF  28-04-2023

Daily Analysis For USD/CHF 28-04-2023

USD/CHF Analysis
USD/CHF
Economic Events and Scenario for USD/CHF
Economic Events : -
GMTEventImpactCurrency
00:01(United Kingdom) Car Production YoYLowGBP
00:30(Japan) Unemployment RateMediumJPY
00:30(Japan) Jobs/applications ratioLowJPY
00:30(Japan) Tokyo CPI Ex Food and Energy YoYLowJPY
00:30(Japan) Tokyo Core CPI YoYLowJPY
00:30(Japan) Tokyo CPI YoYLowJPY
00:50(Japan) Industrial Production MoMMediumJPY
00:50(Japan) Industrial Production YoYLowJPY
00:50(Japan) Retail Sales YoYMediumJPY
00:50(Japan) Retail Sales MoMLowJPY
01:00(Euro Area) Eurogroup MeetingMediumEUR
02:30(Australia) Private Sector Credit YoYLowAUD
02:30(Australia) Private Sector Credit MoMLowAUD
02:30(Australia) PPI YoYLowAUD
02:30(Australia) PPI QoQMediumAUD
02:30(Australia) Housing Credit MoMMediumAUD
04:00(Japan) BoJ Interest Rate DecisionHighJPY
04:00(Japan) BoJ Quarterly Outlook ReportMediumJPY
06:00(Estonia) Retail Sales YoYLowEUR
06:00(Estonia) Retail Sales MoMLowEUR
06:00(Japan) Housing Starts YoYMediumJPY
06:00(Japan) Construction Orders YoYLowJPY
06:30(France) GDP Growth Rate YoYHighEUR
06:30(France) GDP Growth Rate QoQHighEUR
06:30(France) Household Consumption MoMLowEUR
06:30(Germany) North Rhine Westphalia CPI YoYHighEUR
06:30(Germany) North Rhine Westphalia CPI MoMHighEUR
07:00(Germany) Import Prices MoMLowEUR
07:00(Germany) Import Prices YoYLowEUR
07:30(Switzerland) Retail Sales MoMHighCHF
07:30(Switzerland) Retail Sales YoYHighCHF
07:45(France) PPI YoYLowEUR
07:45(France) PPI MoMLowEUR
07:45(France) Inflation Rate YoYHighEUR
07:45(France) Harmonised Inflation Rate MoMLowEUR
07:45(France) Harmonised Inflation Rate YoYLowEUR
07:45(France) Inflation Rate MoMMediumEUR
08:00(Austria) PPI YoYLowEUR
08:00(Austria) GDP Growth Rate QoQLowEUR
08:00(Austria) PPI MoMLowEUR
08:00(Austria) GDP Growth Rate YoYLowEUR
08:00(Spain) GDP Growth Rate YoYMediumEUR
08:00(Spain) GDP Growth Rate QoQMediumEUR
08:00(Spain) Inflation Rate YoYMediumEUR
08:00(Spain) Inflation Rate MoMMediumEUR
08:00(Spain) Harmonised Inflation Rate YoYLowEUR
08:00(Spain) Harmonised Inflation Rate MoMLowEUR
08:00(Spain) Core Inflation Rate YoYLowEUR
08:00(Switzerland) KOF Leading IndicatorsMediumCHF
08:55(Germany) Unemployment RateHighEUR
08:55(Germany) Unemployment ChangeHighEUR
08:55(Germany) Unemployed PersonsMediumEUR
09:00(European Union) Informal ECOFIN MeetingLowEUR
09:00(Germany) Baden Wuerttemberg CPI YoYHighEUR
09:00(Germany) Baden Wuerttemberg CPI MoMHighEUR
09:00(Germany) Bavaria CPI MoMHighEUR
09:00(Germany) Bavaria CPI YoYHighEUR
09:00(Germany) Brandenburg CPI MoMHighEUR
09:00(Germany) Brandenburg CPI YoYHighEUR
09:00(Germany) Hesse CPI MoMHighEUR
09:00(Germany) Hesse CPI YoYHighEUR
09:00(Germany) GDP Growth Rate QoQHighEUR
09:00(Germany) GDP Growth Rate YoYHighEUR
09:00(Italy) GDP Growth Rate YoYHighEUR
09:00(Italy) GDP Growth Rate QoQHighEUR
09:00(Spain) Current AccountLowEUR
09:00(Switzerland) SNB Jordan SpeechLowCHF
09:30(Portugal) GDP Growth Rate YoYLowEUR
09:30(Portugal) GDP Growth Rate QoQLowEUR
09:30(Slovenia) Inflation Rate MoMLowEUR
09:30(Slovenia) CPILowEUR
09:30(Slovenia) Harmonised Inflation Rate YoYLowEUR
09:30(Slovenia) Inflation Rate YoYLowEUR
10:00(Euro Area) GDP Growth Rate YoYHighEUR
10:00(Euro Area) GDP Growth Rate QoQHighEUR
10:00(Germany) Saxony CPI MoMHighEUR
10:00(Germany) Saxony CPI YoYHighEUR
10:00(Greece) Retail Sales YoYHighEUR
10:00(Greece) PPI YoYLowEUR
10:00(Malta) PPI YoYLowEUR
10:30(Belgium) PPI YoYLowEUR
11:00(Latvia) Retail Sales MoMLowEUR
11:00(Latvia) Retail Sales YoYLowEUR
11:00(Italy) Industrial Sales YoYLowEUR
11:00(Italy) Industrial Sales MoMLowEUR
11:00(Ireland) Retail Sales YoYLowEUR
11:00(Ireland) Retail Sales MoMLowEUR
11:00(Luxembourg) PPI YoYLowEUR
11:00(Portugal) Inflation Rate YoYLowEUR
11:00(Portugal) Inflation Rate MoMLowEUR
11:00(Portugal) Retail Sales YoYLowEUR
11:00(Portugal) Retail Sales MoMLowEUR
13:00(Germany) Harmonised Inflation Rate MoMLowEUR
13:00(Germany) Inflation Rate MoMMediumEUR
13:00(Germany) Inflation Rate YoYHighEUR
13:00(Germany) Harmonised Inflation Rate YoYLowEUR
13:30(Canada) GDP MoMMediumCAD
13:30(Canada) GDP MoMMediumCAD
13:30(United States) Employment Cost - Benefits QoQMediumUSD
13:30(United States) Employment Cost - Wages QoQMediumUSD
13:30(United States) Core PCE Price Index YoYLowUSD
13:30(United States) Core PCE Price Index MoMHighUSD
13:30(United States) PCE Price Index YoYMediumUSD
13:30(United States) PCE Price Index MoMMediumUSD
13:30(United States) Personal Income MoMHighUSD
13:30(United States) Personal Spending MoMHighUSD
13:30(United States) Employment Cost Index QoQMediumUSD
13:30(Germany) Bundesbank Wuermeling SpeechLowEUR
14:45(United States) Chicago PMIMediumUSD
15:00(United States) Michigan Current ConditionsLowUSD
15:00(United States) Michigan Inflation ExpectationsLowUSD
15:00(United States) Michigan Consumer SentimentHighUSD
15:00(United States) Michigan Consumer ExpectationsLowUSD
15:00(United States) Michigan 5 Year Inflation ExpectationsLowUSD
16:00(Canada) Budget BalanceLowCAD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD

Today's Scenario: - The USD/CHF pair has bounced back after correcting to around 0.8930 during the early Asian trading session. The Swiss Franc has been seeing buying interest due to the uncertainty surrounding the increase in the US debt-ceiling limit. House Speaker McCarthy has stated that the debt limit cannot pass without addressing the budget, according to Bloomberg.
The US Dollar Index (DXY) has breathed a sigh of relief due to the delay in raising the debt ceiling limit. Such an event would impact the long-term rating of the US economy and affect the US Dollar and domestic equities.
Although Thursday was super-bullish for the S&P500 futures, they are showing minor losses, indicating a sense of caution in the overall upbeat market sentiment.
The Swiss Franc will continue to be in focus before the speech from Swiss National Bank (SNB) Chairman Thomas J. Jordan. Market participants are awaiting cues from SNB Jordan about the likely monetary policy action going forward.

Buy Scenario: - The USD/CHF pair has bounced back after forming a Double Bottom chart pattern on the four-hour chart near 0.8863. The Swiss Franc is now trying to break above a downward-sloping trendline, which is drawn from the high of March 8 at 0.9439.
The pair has surpassed the 20-period and 50-period Exponential Moving Averages (EMAs) at 0.8921 and 0.8935 respectively, which suggests a strong short-term bullish bias.
Moreover, the Relative Strength Index (RSI) (14) has risen above the 60.00 level. If it continues to stay above this level, it could signal further bullish momentum.
If the USD/CHF pair can successfully break above the 23.6% Fibonacci retracement level around 0.9000, it could lead to further gains, with the next levels of resistance at the April 7 low of 0.9034 and the 38.6% Fibonacci retracement level at 0.9082. Till we do not advise to buy USD/CHF.

Sell Scenario: - On the other hand, if the pair falls below the April 17 low of 0.8922, it could slide towards the April 13 low of 0.8860. If the asset breaks below that level, it could drop towards the round-number support at 0.8800. Till we do not advise to sell USD/CHF.

Support and Resistance Level: -
SupportResistance
S1 0.8905-R1 0.8979
S2 0.8868-R2 0.9014
S3 0.8832-R3 0.9052

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