USDCHF Analysis
| Week Ending 2024-09-13 | |||
| Open | High | Low | Close |
| 0.85 | 0.85 | 0.84 | 0.85 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.13% | -10.8 Pips |  |
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| Week 2024-09-13 | 0.49% | 41.6 Pips |  |
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| September | 0.36% | 30.6 Pips |  |
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Upcoming key events for the new week (London Time)
Tue 01:30 PM Monthly Retail Trade (1-mth) Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate) Wed 07:00 PM Interest Rate Projections 
Thu 01:30 PM Initial Unemployment Insurance Claims
What happened over the week
In the United States, the Index of Consumer Sentiment for September rose to 69 points, up from 67.9 points in August, according to the University of Michigan. Initial Unemployment Insurance Claims for the week ending 07 September increased to 230,000, a small rise from the previous 228,000, as reported by the Department of Labor. The U.S. Producer Price Index (PPI) for August saw a yearly increase of 1.7%, down from 2.2% in July, per the Bureau of Labor Statistics. Additionally, the monthly PPI for August increased to 0.2% from 0.1% in July. The U.S. Consumer Price Index (CPI) for August remained steady at a monthly rate of 0.2%, and the 12-month CPI inflation rate fell to 2.5% from 2.9% in July, according to the Bureau of Labor Statistics.
The USDCHF currency pair dropped by 0.13% to 0.84810 on Friday, although it had risen by 0.49% for the week ending 13 September. The rise in U.S. consumer sentiment and the relative stability in both monthly PPI and CPI figures suggest a cautiously optimistic economic outlook. However, the slight increase in unemployment claims and the drop in yearly PPI reflect some lingering economic uncertainties. Investors might be awaiting crucial upcoming events such as the Monthly Retail Trade report, the Fed Interest Rate Decision, and the Interest Rate Projections. These reports could provide further clarity on the U.S. economic trajectory and likely cause more significant movements in USDCHF.
From X (Twitter)
Dwelling vacancy rate continues to fall in 2024 #statistics https://t.co/bTsEepcG1i pic.twitter.com/3YuF3wa742
— Federal Statistical Office FSO (@swissstatistics) September 10, 2024
What can we expect from USDCHF for the new week and what happened on Friday?
USDCHF on Friday dropped -0.13% to 0.85. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-09-13, the pair rose 0.49% or 41.6 pips higher.
Looking ahead, USDCHF looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 0.85 or at least consolidates above Weekly Pivot level of 0.85. On the downside, we are looking at week low 0.84 or 0.84 (WS1) as immediate support level. USDCHF need to break on either side to indicate a short-term bias. A break above 0.85 would suggest bullish bias after recent positive movement.
For the month of September, USDCHF is up by 0.36% or 30.6 pips higher.
Weekly key levels to watch out:
| R3 | 0.87 |
| R2 | 0.86 |
| R1 | 0.85 |
| Weekly Pivot | 0.85 |
| S1 | 0.84 |
| S2 | 0.84 |
| S3 | 0.83 |
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