USDCHF on Friday rose 0.38% to 0.89280. Week ending 2023-04-14 moved lower by -1.36%. What you need to know.
|Week ending 2023-04-14|
|Week 2023-04-14||-1.36%||-123 Pips|
Upcoming key events for the new week (London Time)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
What happened over the week
📆 🇺🇸 USD UoM 5-year Consumer Inflation Expectation | Apr flash in April preliminary estimate unchanged at 2.9% compared to previous report in March. The actual figure is also in line with the forecast Source: University of Michigan
📆 ☢️ 🇺🇸 USD Michigan Index of Consumer Sentiment | Apr flash in April preliminary estimate exceed forecast and rose to 63.5 points compared to previous figure 62 points in March Source: University of Michigan
📆 ☢️ 🇺🇸 USD Retail Trade Turnover (1-mth) | Mar in March exceed forecast and dropped to -1% compared to previous figure -0.2, revised from -0.4% in February Source: Census Bureau
🇺🇸 📆 USD In the week ending 08 April, the Initial Unemployment Insurance Claims rose to 239K compared to previous figure 228K Source: Department of Labor
📆 🇨🇳 CNY Trade Balance in USD | Mar in March exceed forecast and dropped to 88.19$ compared to previous figure 116.8$ in February
📆 🇺🇸 USD Monthly Budget Statement | Mar in March exceed forecast and dropped to -378$ compared to previous figure -262$ in February.
📆 🇺🇸 USD CPI Inflation Rate (12-mth) | Mar in March below forecast and dropped to 5% compared to previous figure 6% in February Source: Bureau of Labor Statistics
What can we expect from USDCHF for the new week and what happened on Friday?
USDCHF on Friday rose 0.38% to 0.89280. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2023-04-14, the pair dropped -1.36% or -123 pips lower.
Looking ahead on Monday, USDCHF looks mixed as the pair is likely to consolidate above week low of 0.88590.
For the new week, our technical outlook looks bearish, immediate support level is at 0.88179 (WS1) with break below could see further selling pressure towards 0.87078 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.91203 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 0.88590 would indicate selling pressure.
For the month of April, USDCHF is down by -2.4% or -220 pips lower.
Weekly key levels to watch out:
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Advanced Monthly Sales for Retail and Food Services Source: Census Bureau
Producer and Import Price Index rose by 0.2% in March Source: Federal Statistical Office
Minutes of the Federal Open Market Committee, March 21-22, 2023 Source: Federal Reserve
CPI for all items rises 0.1% in March as shelter increases Source: Bureau of Labor Statistics Publications
Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau
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