USDCHF Analysis

Performance
Period	Pct	Chg	Momentum
Friday	0.32%	28.6 Pips
Week 2023-06-02	0.46%	41.7 Pips
June	-0.17%	-15.8 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM USD Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 Nonfarm Payroll Employment in May exceed forecast and rose to 339K compared to previous figure 294K in April (revised from 253K) Source: Bureau of Labor Statistics
🇺🇸 In the week ending 27 May, the Initial Unemployment Insurance Claims rose to 232K compared to previous figure 229K Source: Department of Labor
🇺🇸 Nonfarm Business Labor Productivity in Q1 below forecast and improved to -2.1% compared to previous figure -2.7% in Q4 Source: Bureau of Labor Statistics
🇺🇸 U.S. ADP Non-Farm Employment Change in May dropped to 278K compared to previous figure 291K (revised from 296K)
🇨🇭 Switzerland Real Retail Trade (12-mth) in April exceed forecast and dropped to -3.7% compared to previous figure -1.9% in March Source: Federal Statistical Office
🇺🇸 U.S. Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%)
🇨🇭 Switzerland KOF Leading Indicator in May dropped to 90.2 points compared to previous figure 96.1 points (revised from 96.4 points). Source: KOF Swiss Economic Institute
🇨🇭 Switzerland GDP (seasonally adjusted) (3-mth) in Q1 exceed forecast and rose to 0.3% compared to previous figure 0% in Q4 Source: State Secretariat for Economic Affairs

What can we expect from USDCHF for the new week and what happened on Friday?

USDCHF on Friday rose 0.32% to 0.90866. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2023-06-02, the pair rose 0.46% or 41.7 pips higher.

Looking ahead on Monday, USDCHF looks mixed as the pair is likely to consolidate above week low of 0.90130.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.91518 (WR1) with break above could target 0.92170 (WR2). On the downside, we are looking at week low of 0.90130 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.91476 would suggest bullish bias after recent positive movement.

For the month of June, USDCHF is down by -0.17% or -15.8 pips lower.

Weekly key levels to watch out:

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Payroll employment increases by 339,000 in May; unemployment rate rises to 3.7% Source: Bureau of Labor Statistics
Construction Spending Source: Census Bureau
Swiss retail trade turnover fell by 1.3% in April 2023 Source: Federal Statistical Office
Minutes of the Board’s discount rate meetings from April 10 through May 3, 2023 Source: Federal Reserve
Gross domestic product in the first quarter of 2023: Swiss economy grows Source: State Secretariat for Economic Affairs