USDCHF on Friday dropped -0.29% to 0.88131. Week ending 2023-11-24 moved lower by -0.52%. What you need to know.

USDCHF Analysis

Performance
PeriodPctChgMomentum
Friday-0.29%-25.8 Pips
Week 2023-11-24-0.52%-46.2 Pips
November-3.13%-284.9 Pips

Upcoming key events for the new week (London Time)

Wed 01:30 PM GDP Annualized
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
Fri 08:00 AM GDP (seasonally adjusted) (3-mth)
Fri 04:00 PM Federal Reserve Chair Jerome Powell speech

What happened over the week

🇺🇸 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 Source: 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 Source: 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 Source: Census Bureau

From X (Twitter)


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

USDCHF on Friday dropped -0.29% to 0.88131. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2023-11-24, the pair dropped -0.52% or -46.2 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 0.87870 (WS1) with break below could see further selling pressure towards 0.87609 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.88742 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 0.88045 would indicate selling pressure.

For the month of November, USDCHF is down by -3.13% or -284.9 pips lower.

Weekly key levels to watch out:

R30.89264
R20.89003
R10.88567
Weekly Pivot0.88306
S10.87870
S20.87609
S30.87173

You might also be interested in:

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

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