USDCHF on Friday dropped -0.5% to 0.86925. Week ending 2023-12-01 moved lower by -1.47%. What you need to know.

USDCHF Analysis

Performance
PeriodPctChgMomentum
Friday-0.5%-44.1 Pips
Week 2023-12-01-1.47%-129.8 Pips
December-0.67%-58.6 Pips

Upcoming key events for the new week (London Time)

Mon 07:30 AM CPI Inflation Rate (12-mth)
Tue 03:00 PM ISM Services PMI
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 01:30 PM Nonfarm Payroll Employment
Fri 03:00 PM Michigan Index of Consumer Sentiment

What happened over the week

🇺🇸 U.S. Personal Spending in October dropped to 0.2% compared to previous figure 0.7% in September Source: Bureau of Economic Analysis
🇺🇸 In the week ending 25 November, U.S. Initial Unemployment Insurance Claims rose to 218K compared to previous figure 211K (revised from 209K) Source: Department of Labor
🇨🇭 Switzerland Real Retail Trade (12-mth) in October below forecast and improved to -0.1% compared to previous figure -1.2, revised from -0.6% in September Source: Federal Statistical Office
🇨🇭 Switzerland ZEW Survey – Expectations in November below forecast and improved to -29.6 points compared to previous figure -37.8 points in October Source: ZEW
🇺🇸 U.S. Housing Price Index (1-mth) in September unchanged at 0.6% compared to previous report in August.
🇺🇸 U.S. New-Home Sales Change (1-mth) in October below forecast and dropped to -5.6% compared to previous figure 8.6, revised from 12.3% in September

From X (Twitter)


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

USDCHF on Friday dropped -0.5% to 0.86925. Price is below 9-Day EMA while Stochastic is rising in oversold zone. For the week ending 2023-12-01, the pair dropped -1.47% or -129.8 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 0.86381 (WS1) with break below could see further selling pressure towards 0.85838 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.88280 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 0.86787 would indicate selling pressure.

For the month of December, USDCHF is down by -0.67% or -58.6 pips lower.

Weekly key levels to watch out:

R30.89367
R20.88824
R10.87874
Weekly Pivot0.87331
S10.86381
S20.85838
S30.84888

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