USDCHF on Wednesday rose 0.03% to 0.88385. Pair in consolidation. What we know.

USDCHF Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday0.03%2.8 Pips
Week to-date-0.13%-11.7 Pips
November-2.86%-260.2 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Census Bureau

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What can we expect from USDCHF today?

USDCHF on Wednesday rose 0.03% to 0.88385. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for USDCHF looks mixed as the pair is likely to consolidate above 0.8814 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.88745 or trades above daily pivot 0.88443. Break above could target R1 at 0.88687. While to the downside, we are looking at 0.8814 (S1) and daily low of 0.88198 as support levels. USDCHF need to break on either side to indicate a short-term bias. A break above 0.88745 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCHF is bearish as the pair posted lower by -0.13%.

Key levels to watch out:

R30.89234
R20.8899
R10.88687
Daily Pivot0.88443
S10.8814
S20.87896
S30.87593

You might be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
Minutes of the Federal Open Market Committee, October 31-November 1, 2023. Federal Reserve

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