USDCHF on Wednesday dropped -0.24% to 0.88558. What we know.

USDCHF Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday-0.24%-21 Pips
Week to-date0.27%23.9 Pips
March0.13%11.2 Pips

Upcoming key events (London Time)

Thu 08:30 AM CHF SNB Monetary Policy Assessment
Thu 08:30 AM CHF SNB Interest Rate Decision (Policy Rate)

What happened lately

🇺🇸 U.S. Interest Rate Projections – 2nd year dropped to 3.1% compared to previous rate 3.6%
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Interest Rate Projections – Longer rose to 2.6% compared to previous rate 2.5%
🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
🇺🇸 U.S. Interest Rate Projections dropped to 4.6% compared to previous rate 5.4%
🇺🇸 U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January Source: Census Bureau

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What can we expect from USDCHF today?

USDCHF on Wednesday dropped -0.24% to 0.88558. Price is above 9-Day EMA while Stochastic is falling in overbought zone.

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 0.88341 with break below could see further selling pressure towards S2 at 0.88123. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.89190 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.88548 would indicate selling pressure.

For the week to-date, take note that USDCHF is bullish as the pair continued to trade higher and is up by 0.27% over the past few days.

Key levels to watch out:

R30.89625
R20.89407
R10.88983
Daily Pivot0.88765
S10.88341
S20.88123
S30.87699

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