USDCHF on Friday dropped -0.07% to 0.89670. Week ending 2024-03-22 rose 1.53%. What’s going on.

USDCHF Analysis

Performance
PeriodPctChgMomentum
Friday-0.07%-6.4 Pips
Week 2024-03-221.53%135 Pips
March1.38%122.3 Pips

Upcoming key events for the new week (London Time)

Thu 12:30 PM Initial Unemployment Insurance Claims
Thu 12:30 PM GDP Annualized
Thu 10:00 PM Good Friday
Fri 05:00 AM Good Friday
Fri 12:30 PM Personal Consumption Expenditures Price Index (1-mth)
Fri 12:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in March dropped to 3.2 points compared to previous figure 5.2 points in February
🇺🇸 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 – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
🇺🇸 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

From X (Twitter)


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

USDCHF on Friday dropped -0.07% to 0.89670. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-03-22, the pair rose 1.53% or 135 pips higher.

Looking ahead on Monday, USDCHF looks mixed as the pair is likely to consolidate above week low of 0.88212.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 0.90511 (WR1) with break above could target 0.91353 (WR2). On the downside, we are looking at week low of 0.88212 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.90203 would suggest bullish bias after recent positive movement.

For the month of March, USDCHF is up by 1.38% or 122.3 pips higher.

Weekly key levels to watch out:

R30.92502
R20.91353
R10.90511
Weekly Pivot0.89362
S10.88520
S20.87371
S30.86529

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