USDCHF on Wednesday dropped -0.15% to 0.88196. What we know.

USDCHF Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday-0.15%-13.3 Pips
Week to-date-0.11%-9.6 Pips
March-0.28%-24.9 Pips

Upcoming key events (London Time)

Thu 03:00 PM USD Federal Reserve Chair Jerome Powell testifies
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in January dropped to 8.863M compared to previous figure 9.026M in December Source: Bureau of Labor Statistics
🇺🇸 U.S. Factory Orders (1-mth) in January dropped to -3.6% compared to previous figure -0.3, revised from 0.2% in December Source: Census Bureau

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What can we expect from USDCHF today?

USDCHF on Wednesday dropped -0.15% to 0.88196. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCHF looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at S1 0.87971 with break below could see further selling pressure towards S2 at 0.87745. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.88558 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.88039 would indicate selling pressure.

For the week to-date, take note that USDCHF is mixed as compared to the prior week.

Key levels to watch out:

R30.89009
R20.88783
R10.8849
Daily Pivot0.88264
S10.87971
S20.87745
S30.87452

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