USDCHF on Friday rose 0.01% to 0.86809. Week ending 2024-01-19 rose 1.92%. What’s going on.

USDCHF Analysis

Performance
PeriodPctChgMomentum
Friday0.01%0.7 Pips
Week 2024-01-191.92%163.8 Pips
January3.21%270 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP Annualized
Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in January preliminary estimate exceed forecast and rose to 78.8 points compared to previous figure 69.7 points in December Source: University of Michigan
🇺🇸 In the week ending 13 January, U.S. Initial Unemployment Insurance Claims dropped to 187K compared to previous figure 202K Source: Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in January below forecast and improved to -10.6 points compared to previous figure -12.8, revised from -10.5 points in December
🇺🇸 U.S. Industrial Production (1-mth) in December rose to 0.1% compared to previous figure 0.2%
🇺🇸 U.S. Monthly Retail Trade excluding Automobile (1-mth) in December exceed forecast and rose to 0.4% compared to previous figure 0.2% in November

From X (Twitter)


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

USDCHF on Friday rose 0.01% to 0.86809. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2024-01-19, the pair rose 1.92% or 163.8 pips higher.

Looking ahead on Monday, USDCHF looks mixed as the pair is likely to consolidate above week low of 0.85105.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.87534 (WR1) with break above could target 0.88258 (WR2). On the downside, we are looking at week low of 0.85105 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.87044 would suggest bullish bias after recent positive movement.

For the month of January, USDCHF is up by 3.21% or 270 pips higher.

Weekly key levels to watch out:

R30.89473
R20.88258
R10.87534
Weekly Pivot0.86319
S10.85595
S20.84380
S30.83656

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