USDCHF Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | 0.44% | 37 Pips |  |
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| Week to-date | 0.46% | 38.7 Pips |  |
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| September | -0.26% | -22.2 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
The U.S. Chicago Purchasing Managers’ Index (PMI) for September increased slightly to 46.6 points from 46.1 points in August, indicating a minor improvement in manufacturing conditions within the Chicago area. While the PMI remains below the 50-point threshold that separates expansion from contraction, the marginal increase suggests that the region’s economic activity has somewhat stabilized. Such an uptick, albeit modest, offers a glimmer of hope for a sector that has been experiencing subdued performance.
Meanwhile, the USDCHF rose by 0.44% to 0.84484 on Monday, yet the currency pair ended September with a decline of -0.26%, or -22.2 pips lower. This mixed performance against the Swiss franc suggests fluctuating investor sentiment and market dynamics over the month.
The increase in the Chicago PMI, despite its small magnitude, could bolster confidence in the U.S. economy, supporting a stronger USD. This improved outlook might attract investors seeking safer assets, potentially leading to a further increase in the USDCHF. However, with no major events scheduled for the day, significant movements are less expected. The market may exhibit a cautious stance, awaiting more substantial economic indicators to gauge future trends.
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What can we expect from USDCHF today?
USDCHF on Monday rose 0.44% to 0.84484. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCHF looks bullish as the pair ended higher after Monday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 0.84797 with break above could target R2 at 0.85109 or figure level area. While towards the downside, we are looking at daily low of 0.84058 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.84740 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCHF is mixed as compared to the prior week.
USDCHF ended month of September trading session down by -0.26% or -22.2 pips lower.
Key levels to watch out:
| R3 | 0.85479 |
| R2 | 0.85109 |
| R1 | 0.84797 |
| Daily Pivot | 0.84427 |
| S1 | 0.84115 |
| S2 | 0.83745 |
| S3 | 0.83433 |
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