USDCHF Analysis

Performance
Period	Pct	Chg	Momentum
Friday	0.27%	23 Pips
Week 2023-07-14	-2.98%	-264.8 Pips
July	-3.74%	-334.7 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM Monthly Retail Trade (1-mth)
Tue 01:30 PM Retail Trade Control Group
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in July preliminary estimate exceed forecast and rose to 72.6 points compared to previous figure 64.4 points in June Source: University of Michigan
🇺🇸 U.S. Monthly Budget Statement in June exceed forecast and improved to -228$ compared to previous figure -240$ in May Source: Bureau of the Fiscal Service
🇺🇸 In the week ending 08 July, U.S. Initial Unemployment Insurance Claims dropped to 237K compared to previous figure 248K Source: Department of Labor
🇺🇸 U.S. Producer Price Index ex Food & Energy (1-mth) in June unchanged at 0.1% compared to previous report in May.
🇺🇸 U.S. CPI Inflation Rate (12-mth) in June below forecast and dropped to 3% compared to previous figure 4% in May Source: Bureau of Labor Statistics

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

USDCHF on Friday rose 0.27% to 0.86130. Price is below 9-Day EMA while Stochastic is rising in oversold zone. For the week ending 2023-07-14, the pair dropped -2.98% or -264.8 pips lower.

Looking ahead on Monday, USDCHF looks bullish as the pair ended higher after Friday trading session.

For the new week, our technical outlook looks bearish, immediate support level is at 0.84798 (WS1) with break below could see further selling pressure towards 0.83465 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.89179 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 0.85656 would indicate selling pressure.

For the month of July, USDCHF is down by -3.74% or -334.7 pips lower.

Weekly key levels to watch out:

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Producer and Import Price Index remained stable in June Source: Federal Statistical Office
CPI for all items rises 0.2% in June; shelter up Source: Bureau of Labor Statistics
Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau
New Foreign Direct Investment in the United States, 2022 Source: Bureau of Economic Analysis