USDCHF rises 0.24% amid quiet trading session
USDCHF Analysis
| Performance after Thursday | |||
| Period | Pct | Chg | Momentum |
| Thursday | 0.24% | 19.0 Pips | ▲ |
| Week to-date | -0.95% | -75.0 Pips | ▼ |
| April | -2.19% | -175.0 Pips | ▼ |
Upcoming key events (GMT+8)
No major events for the day.
What happened lately
The USDCHF currency pair experienced a modest increase on Thursday, rising by 0.24% to reach 0.78350. The price movement saw a high of 0.78450 and a low of 0.77950 during the trading session. This upward movement occurred in the absence of any major economic releases specific to the USDCHF pair for the period.
Several U.S. economic indicators released recently may have influenced the broader market sentiment. The New York Empire State Manufacturing Index showed a significant improvement, climbing to 11 points in April from -0.2 points in March. Additionally, the U.S. Initial Unemployment Insurance Claims for the week ending April 11 decreased to 207,000 from the previous 219,000, indicating a strengthening labor market. Furthermore, the U.S. Manufacturing Business Outlook Survey reported an increase to 26.7 points in April, up from 18.1 points in March, suggesting a positive outlook for the manufacturing sector. However, U.S. Industrial Production in March remained unchanged at 0.2% from February, with a noted decrease of 0.5% following a revised increase in February.
No major upcoming events are scheduled that could directly impact the USDCHF pair. The overall market sentiment appears to be cautiously optimistic, driven by positive U.S. economic data releases, particularly in manufacturing and employment sectors. This sentiment may have contributed to the slight appreciation of the USDCHF pair, reflecting confidence in the U.S. economy’s resilience.
What can we expect from USDCHF today?
Today, the USDCHF pair is showing a bullish daily outlook, having closed with a 0.24% gain at 0.78350. Despite the bullish sentiment, the price remains below the 9-day EMA, indicating potential volatility.
📈 Bull Scenario A bullish scenario for USDCHF could be triggered if the pair breaks above the daily pivot level of 0.7825 and sustains momentum towards the first resistance level (R1) at 0.7855. Should the upward momentum continue, traders will be eyeing the second resistance level (R2) at 0.7875 as a potential target. The rising stochastic in the oversold zone supports this bullish outlook. | 📉 Bear Scenario Conversely, a bearish scenario may unfold if USDCHF fails to maintain its position above the daily pivot and instead moves towards the first support level (S1) at 0.7805. A break below this level could see the pair testing the second support level (S2) at 0.7775. The weekly bearish outlook and the price being below the 9-day EMA could provide additional pressure on the downside. |
Key levels to watch out:
| R3 | 0.7905 |
| R2 | 0.7875 |
| R1 | 0.7855 |
| Daily Pivot | 0.7825 |
| S1 | 0.7805 |
| S2 | 0.7775 |
| S3 | 0.7755 |
