USDCHF on Friday rose 0.12% to 0.88090. Week ending 2024-02-16 rose 0.72%. What’s going on.

USDCHF Analysis

Performance
PeriodPctChgMomentum
Friday0.12%10.9 Pips
Week 2024-02-160.72%63 Pips
February2.27%195.6 Pips

Upcoming key events for the new week (London Time)

Mon 05:00 AM Presidents’ Day
Wed 07:00 PM FOMC Meeting Minutes
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in February flash estimate unchanged at 2.9% compared to previous report in January. Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in February flash estimate rose to 79.6 points compared to previous figure 79 points in January Source: University of Michigan
🇨🇭 Switzerland Industrial Production (12-mth) in Q4 dropped to -0.4% compared to previous figure 2% in Q3
🇺🇸 U.S. Industrial Production (1-mth) in January dropped to -0.1% compared to previous figure 0.1%
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in February rose to 5.2 points compared to previous figure -10.6 points in January
🇺🇸 U.S. Monthly Retail Trade (1-mth) in January dropped to -0.8% compared to previous figure 0.4, revised from 0.6% in December Source: Census Bureau
🇺🇸 In the week ending 10 February, U.S. Initial Unemployment Insurance Claims dropped to 212K compared to previous figure 220K (revised from 218K) Source: Department of Labor
🇺🇸 U.S. New York Empire State Manufacturing Index in February improved to -2.4 points compared to previous figure -43.7 points in January
🇺🇸 U.S. CPI Inflation Rate (1-mth) in January rose to 0.3% compared to previous figure 0.2, revised from 0.3% in December Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in January dropped to 3.1% compared to previous figure 3.4% in December Source: Bureau of Labor Statistics
🇨🇭 Switzerland CPI Inflation Rate (12-mth) in January dropped to 1.3% compared to previous figure 1.7% in December Source: Federal Statistical Office
🇺🇸 U.S. Monthly Budget Statement in January improved to -22$ compared to previous figure -129$ in December Source: Bureau of the Fiscal Service

From X (Twitter)


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

USDCHF on Friday rose 0.12% to 0.88090. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-02-16, the pair rose 0.72% or 63 pips higher.

Looking ahead on Monday, USDCHF looks mixed as the pair is likely to consolidate above week low of 0.87262.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.88877 (WR1) with break above could target 0.89665 (WR2). On the downside, we are looking at week low of 0.87262 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.88857 would suggest bullish bias after recent positive movement.

For the month of February, USDCHF is up by 2.27% or 195.6 pips higher.

Weekly key levels to watch out:

R30.90472
R20.89665
R10.88877
Weekly Pivot0.88070
S10.87282
S20.86475
S30.85687

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