USDCHF Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 0.39% | 32.9 Pips |  |
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| Week to-date | 2.01% | 168.7 Pips | |
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| October | 1.42% | 120.3 Pips |  |
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Upcoming key events (London Time)
Wed 07:00 PM USD FOMC Meeting Minutes Thu 01:30 PM USD CPI Inflation Rate (12-mth)
What happened lately
The USDCHF currency pair experienced an increase of 0.39% on Tuesday, reaching a level of 0.85737. This spike occurred without any significant economic developments prompting the shift. However, traders are looking toward upcoming events that could significantly influence market movements in the near future. Among these events, the release of the Federal Open Market Committee (FOMC) Meeting Minutes set for Wednesday and the Consumer Price Index (CPI) Inflation Rate data scheduled for Thursday are of high importance.
The FOMC Meeting Minutes, which will be made available at 7:00 PM on Wednesday, usually provide insights into the Federal Reserve’s stance on monetary policy, including interest rates and economic outlook. Market participants scrutinize these minutes to gauge any shifts in policymaker sentiment which could affect the direction of the US Dollar against other currencies, including the Swiss Franc.
Furthermore, the CPI Inflation Rate data, expected on Thursday at 1:30 PM, holds considerable weight in determining inflation trends over the past twelve months. Inflation metrics are critical in influencing monetary policy decisions. A higher-than-expected inflation rate might prompt the Federal Reserve to adopt a more hawkish stance, potentially leading to an appreciation of the USD relative to other currencies.
Considering the upcoming US economic reports, the USDCHF is likely to remain sensitive in response to these events. The release of the FOMC Meeting Minutes could provide insights into future interest rate decisions. Any indication of a more aggressive tightening cycle than previously anticipated could result in further strength of the USDCHF pairing. Additionally, a rise in CPI data above market expectations could strengthen the US Dollar by increasing speculation on interest rate hikes. These factors would contribute to volatility in currency markets, particularly affecting the USDCHF exchange rate. Traders and analysts will be closely watching these releases to adjust their positions accordingly, considering their implications on USDCHF dynamics.
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What can we expect from USDCHF today?
USDCHF on Tuesday rose 0.39% to 0.85737. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCHF looks bullish as the pair ended higher after Tuesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 0.85952 with break above could target R2 at 0.86167 or figure level area. While towards the downside, we are looking at daily low of 0.85298 as an important support. Break below this level could weaken the current bullish momentum. A break above 0.85840 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCHF is bullish as the pair continued to trade higher and is up by 2.01% over the past few days.
Key levels to watch out:
| R3 | 0.86494 |
| R2 | 0.86167 |
| R1 | 0.85952 |
| Daily Pivot | 0.85625 |
| S1 | 0.8541 |
| S2 | 0.85083 |
| S3 | 0.84868 |
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