USDCHF on Friday rose 0.03% to 0.87600. Week ending 2023-08-11 rose 0.41%. What happened.
|Week 2023-08-11||0.41%||36.1 Pips|
Upcoming key events for the new week (London Time)
Tue 01:30 PM Monthly Retail Trade (1-mth)
Wed 07:00 PM FOMC Meeting Minutes
Thu 01:30 PM Initial Unemployment Insurance Claims
What happened over the week
🇺🇸 U.S. Producer Price Index (12-mth) in July exceed forecast and rose to 0.8% compared to previous figure 0.2, revised from 0.1% in June
🇺🇸 U.S. Monthly Budget Statement in July exceed forecast and improved to -221$ compared to previous figure -228$ in June Source: Bureau of the Fiscal Service
🇺🇸 In the week ending 05 August, U.S. Initial Unemployment Insurance Claims rose to 248K compared to previous figure 227K Source: Department of Labor
🇺🇸 U.S. CPI Inflation Rate (12-mth) in July below forecast and rose to 3.2% compared to previous figure 3% in June Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in July unchanged at 0.2% compared to previous report in June. The actual figure is also in line with the forecast Source: Bureau of Labor Statistics
From X (Twitter)
— Swiss Statistics (@swissstatistics) August 3, 2023
What can we expect from USDCHF for the new week and what happened on Friday?
USDCHF on Friday rose 0.03% to 0.87600. Price is above 9-Day EMA while Stochastic is rising in overbought zone. For the week ending 2023-08-11, the pair rose 0.41% or 36.1 pips higher.
Looking ahead on Monday, USDCHF looks mixed as the pair is likely to consolidate above week low of 0.86896.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.87830 or at least consolidates above Weekly Pivot level of 0.87442. On the downside, we are looking at week low 0.86896 or 0.87054 (WS1) as immediate support level. USDCHF need to break on either side to indicate a short-term bias. A break above 0.87830 would suggest bullish bias after recent positive movement.
For the month of August, USDCHF is up by 0.67% or 58 pips higher.
Weekly key levels to watch out:
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