USDCHF Analysis
| Week Ending 2024-07-12 | |||
| Open | High | Low | Close |
| 0.90 | 0.90 | 0.89 | 0.89 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.25% | -22.5 Pips |  |
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| Week 2024-07-12 | -0.14% | -12.3 Pips | |
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| July | -0.69% | -62 Pips | |
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Upcoming key events for the new week (London Time)
Tue 01:30 PM Monthly Retail Trade (1-mth) 
Thu 01:30 PM Initial Unemployment Insurance Claims
What happened over the week
🇺🇸 U.S. Michigan Index of Consumer Sentiment in July flash estimate dropped to 66 points compared to previous figure 68.2 points in June Source: University of Michigan
🇺🇸 U.S. Producer Price Index (1-mth) in June rose to 0.2% compared to previous figure -0.2% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Producer Price Index (12-mth) in June rose to 2.6% compared to previous figure 2.4% (revised from 2.2%) Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Budget Statement in June improved to -66$ compared to previous figure -347$ in May Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (1-mth) in June dropped to -0.1% compared to previous figure 0% in May Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 July, U.S. Initial Unemployment Insurance Claims dropped to 222K compared to previous figure 239K (revised from 238K) Source: Department of Labor
🇺🇸 U.S. CPI Inflation Rate (12-mth) in June dropped to 3% compared to previous figure 3.3% in May Source: Bureau of Labor Statistics
From X (Twitter)
Consumer prices remained stable in June #statistics https://t.co/XT2AzaVOSP pic.twitter.com/ZuC7lMY6O2
— Swiss Statistics (@swissstatistics) July 4, 2024
What can we expect from USDCHF for the new week and what happened on Friday?
USDCHF on Friday dropped -0.25% to 0.89. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-07-12, the pair dropped -0.14% or -12.3 pips lower.
Looking ahead, USDCHF looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook looks bearish, immediate support level is at 0.89 (WS1) with break below could see further selling pressure towards 0.89 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 0.90 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 0.89 would indicate selling pressure.
For the month of July, USDCHF is down by -0.69% or -62 pips lower.
Weekly key levels to watch out:
| R3 | 0.91 |
| R2 | 0.90 |
| R1 | 0.90 |
| Weekly Pivot | 0.90 |
| S1 | 0.89 |
| S2 | 0.89 |
| S3 | 0.88 |
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