USDCHF on Thursday dropped -0.37% to 0.87423. What we know.
|Performance after Thursday|
|Week to-date||0.48%||41.8 Pips|
Upcoming key events (London Time)
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
🇺🇸 U.S. Factory Orders (1-mth) in June exceed forecast and rose to 2.3% compared to previous figure 0.4, revised from 0.3% in May Census Bureau
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q2 preliminary estimate rose to 3.7% compared to previous figure -1.2% (revised from -2.1%) Bureau of Labor Statistics
🇨🇭 Switzerland CPI Inflation Rate (1-mth) in July below forecast and dropped to -0.1% compared to previous figure 0.1% in June
🇺🇸 U.S. ADP Non-Farm Employment Change in July exceed forecast and dropped to 324K compared to previous figure 497K in June
What can we expect from USDCHF today?
USDCHF on Thursday dropped -0.37% to 0.87423. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCHF looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at S1 0.87171 with break below could see further selling pressure towards S2 at 0.86918. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.87986 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.87326 would indicate selling pressure.
For the week to-date, take note that USDCHF is bullish as the pair continued to trade higher and is up by 0.48% over the past few days.
Key levels to watch out:
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Swiss Consumer Price Index in July 2023 – Consumer prices decreased by 0.1% in July. Federal Statistical Office
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