USDCHF on Friday dropped -0.03% to 0.87740. Week ending 2024-03-08 moved lower by -0.63%. What you need to know.

USDCHF Analysis

Performance
PeriodPctChgMomentum
Friday-0.03%-2.9 Pips
Week 2024-03-08-0.63%-55.2 Pips
March-0.8%-70.7 Pips

Upcoming key events for the new week (London Time)

Tue 12:30 PM CPI Inflation Rate (12-mth)
Thu 12:30 PM Initial Unemployment Insurance Claims
Thu 12:30 PM PPI excluding Food and Energy sectors (12-mth)
Thu 12:30 PM Monthly Retail Trade (1-mth)

What happened over the week

🇺🇸 U.S. Nonfarm Payroll Employment in February rose to 275K compared to previous figure 229K (revised down by 124K) in January Source: Bureau of Labor Statistics
🇺🇸 In the week ending 02 March, Initial Unemployment Insurance Claims in U.S. was unchanged at 217K compared to previous figure 217K (revised from 215K) Source: Department of Labor
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q4 unchanged at 3.2% compared to previous report in Q3. Source: Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in February rose to 84.638K compared to previous figure 82.307K in January
🇺🇸 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
🇨🇭 Switzerland CPI Inflation Rate (1-mth) in February rose to 0.6% compared to previous figure 0.2% in January Source: Federal Statistical Office

From X (Twitter)


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

USDCHF on Friday dropped -0.03% to 0.87740. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-03-08, the pair dropped -0.63% or -55.2 pips lower.

Looking ahead on Monday, USDCHF looks mixed as the pair is likely to consolidate above week low of 0.87293.

For the new week, our technical outlook looks bearish, immediate support level is at 0.87134 (WS1) with break below could see further selling pressure towards 0.86529 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.88663 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 0.87293 would indicate selling pressure.

For the month of March, USDCHF is down by -0.8% or -70.7 pips lower.

Weekly key levels to watch out:

R30.89874
R20.89269
R10.88504
Weekly Pivot0.87899
S10.87134
S20.86529
S30.85764

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