USDCHF on Wednesday dropped -1.18% to 0.9424. Looking bearish. What you need to know before the next trade.
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Open High Low Close
0.95417 0.95452 0.93880 0.94244
Performance after Wednesday
Period Pct Chg Momentum
Wednesday -1.18% -112.6 Pips
Week to-date -1.99% -191.7 Pips
August -0.92% -87.6 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD Michigan Consumer Sentiment Index

What happened lately

📆 🇺🇸 USD Consumer Price Index Core s.a in July exceed forecast and rose to 295.28 compared to previous figure 294.35 in June. Source
USD Nonfarm Productivity in Q2 preliminary estimate rose to -4.6% compared to previous figure -7.4% (revised from -7.3%). Source
📆 🇨🇭 CHF Unemployment Rate s.a (MoM) in July unchanged at 2.2% compared to previous report in June. The actual figure is also in line with the forecast. Source

What can we expect from USDCHF today?

USDCHF on Wednesday dropped -1.18% to 0.9424. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCHF looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at 0.93599 (S1) with break below could see further selling pressure towards 0.92953 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 0.9545 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. USDCHF need to break on either side to indicate a short-term bias. A close below 0.9388 would indicate selling pressure.

For the week to-date, take note that USDCHF is bearish as the pair posted lower by -1.99%.

Key levels to watch out:

R3 0.96743
R2 0.96097
R1 0.95171
Daily Pivot 0.94525
S1 0.93599
S2 0.92953
S3 0.92027

You might also be interested in:

CPI for all items unchanged in July as fall in gasoline offsets shelter, food increases Source: Bureau of Labor Statistics Publications
Productivity decreases 4.6% in Q2 2022; unit labor costs increase 10.8% (annual rates) Source: Bureau of Labor Statistics Publications

Last updated: 12:37 am UTC, 11-Aug 2022

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