USDCHF on Friday dropped -0.36% to 0.92570. Week ending 2023-03-17 rose 0.51%. What happened.
|Week ending 2023-03-17|
|Week 2023-03-17||0.51%||47.3 Pips|
Upcoming key events for the new week (London Time)
Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 06:00 PM USD FOMC Monetary Policy Statement
Wed 06:30 PM USD FOMC Press Conference
Thu 08:30 AM CHF SNB Interest Rate Decision (Policy Rate)
Thu 08:30 AM CHF SNB Monetary Policy Assessment
Fri 12:30 PM USD Durable Goods Orders
Fri 12:30 PM USD Nondefense Capital Goods xcluding Aircraft
What happened over the week
📆 🇺🇸 USD Philadelphia Fed Manufacturing Survey in March exceed forecast and improved to -23.2 points compared to previous figure -24.3 points in February. Source
📆 🇺🇸 USD Building Permits (1-mth) in February exceed forecast and rose to 1.524M compared to previous figure 1.339M in January. Source
📆 ☢️ 🇺🇸 USD Retail Control Group in February exceed forecast and dropped to 0.5% compared to previous figure 2.3, revised from 1.7% in January. Source
📆 ☢️ 🇺🇸 USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.4% in January. Source
What can we expect from USDCHF for the new week and what happened on Friday?
USDCHF on Friday dropped -0.36% to 0.92570. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2023-03-17, the pair rose 0.51% or 47.3 pips higher.
Looking ahead on Monday, USDCHF looks mixed as the pair is likely to consolidate above week low of 0.90974.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.93194 or at least consolidates above Weekly Pivot level of 0.92246. On the downside, we are looking at week low 0.90974 or 0.91298 (WS1) as immediate support level. USDCHF need to break on either side to indicate a short-term bias. A break above 0.93194 would suggest bullish bias after recent positive movement.
For the month of March, USDCHF is down by -1.72% or -161.7 pips lower.
Weekly key levels to watch out:
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