USDCHF Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.44% | -38.3 Pips |  |
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| Week to-date | -0.49% | -42.8 Pips |  |
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| October | 2.36% | 199.9 Pips |  |
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Upcoming key events (London Time)
Wed 12:30 PM USD GDP annual rate
What happened lately
There are no major economic news releases to report for either Switzerland or the United States as of the latest economic data. The focus, however, shifts to the upcoming U.S. GDP annual rate announcement, which is scheduled for midday Wednesday. The GDP release is categorized as having high impact potential, indicating that it could considerably influence the markets depending on whether the data meets, exceeds, or falls below expectations.
On Monday, USDCHF experienced a drop of 0.44%, bringing the currency pair down to 0.86523. This movement in the exchange rate could be reflective of market expectations leading up to the upcoming economic data release from the United States. Investors may be positioning their portfolios ahead of what is anticipated to be a crucial economic indicator.
In terms of its impact on USDCHF, the upcoming GDP report will be pivotal. If the GDP figures are strong, suggesting robust growth in the U.S. economy, it could support the U.S. dollar, potentially leading to a strengthening of USDCHF. Conversely, if the GDP data disappoints, indicating sluggish economic performance, the U.S. dollar might weaken, resulting in further declines in the USDCHF exchange rate. Traders and investors are likely to watch this data release closely, as GDP figures are a key barometer of the health of the economy, and such news has the potential to trigger significant currency market movements.
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What can we expect from USDCHF today?
USDCHF on Monday dropped -0.44% to 0.86523. Price is above 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCHF looks bearish as the pair posted lower in Monday trading session.
Looking ahead for the day, immediate support level is at S1 0.86312 with break below could see further selling pressure towards S2 at 0.86101. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.87000 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 0.86445 would indicate selling pressure.
For the week to-date, take note that USDCHF is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 0.87422 |
| R2 | 0.87211 |
| R1 | 0.86867 |
| Daily Pivot | 0.86656 |
| S1 | 0.86312 |
| S2 | 0.86101 |
| S3 | 0.85757 |
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