USDCHF on Friday dropped -0.83% to 0.88778. Week ending 2023-07-07 moved lower by -0.81%. What you need to know.
|Week 2023-07-07||-0.81%||-72.2 Pips|
Upcoming key events for the new week (London Time)
Wed 01:30 PM CPI Inflation Rate (1-mth)
Wed 01:30 PM CPI Inflation Rate (12-mth)
Wed 01:30 PM CPI Inflation Rate excluding Food and Energy sectors (1-mth)
Wed 01:30 PM CPI Inflation Rate excluding Food and Energy sectors (12-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Producer Price Index excluding Food and Energy sectors (12-mth)
Fri 03:00 PM Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 U.S. Nonfarm Payroll Employment in June below forecast and dropped to 209K compared to previous figure 306, revised from 339K in May Source: Bureau of Labor Statistics
🇺🇸 U.S. ISM Services PMI in June exceed forecast and rose to 53.9 points compared to previous figure 50.3 points in May
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in May below forecast and dropped to 9.8M compared to previous figure 10.103M in April
🇺🇸 In the week ending 01 July, U.S. Initial Unemployment Insurance Claims rose to 248K compared to previous figure 236K (revised from 239K) Source: Department of Labor
🇺🇸 U.S. ADP Non-Farm Employment Change in June exceed forecast and rose to 497K compared to previous figure 278K in May
🇺🇸 U.S. Challenger Job Cuts in June dropped to 40.709K compared to previous figure 80.089K in May
🇨🇭 Switzerland CPI Inflation Rate (1-mth) in June below forecast and dropped to 0.1% compared to previous figure 0.3% in May
🇨🇭 Switzerland CPI Inflation Rate (12-mth) in June below forecast and dropped to 1.7% compared to previous figure 2.2% in May
What can we expect from USDCHF for the new week and what happened on Friday?
USDCHF on Friday dropped -0.83% to 0.88778. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-07-07, the pair dropped -0.81% or -72.2 pips lower.
Looking ahead on Monday, USDCHF looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook looks bearish, immediate support level is at 0.88364 (WS1) with break below could see further selling pressure towards 0.87949 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.89965 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 0.88750 would indicate selling pressure.
For the month of July, USDCHF is down by -1.26% or -113.6 pips lower.
Weekly key levels to watch out:
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