USDCHF on Wednesday rose 0.37% to 0.9312. Looking bullish. What you need to know before the next trade.

USDCHF by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.37%	34.7 Pips
Week to-date	0.77%	71.5 Pips
February	1.66%	152.1 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Gross Domestic Product Annualized

What happened lately

📆 🇨🇭 CHF ZEW Survey – Expectations in February below forecast and improved to -12.3 points compared to previous figure -40 points in January. Source
📆 🇺🇸 USD S&P Global Composite PMI in February preliminary estimate exceed forecast and rose to 50.2 points compared to previous figure 46.8 points in January. Source
📆 🇺🇸 USD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 50.5 points compared to previous figure 46.8 points in January. Source

What can we expect from USDCHF today?

USDCHF on Wednesday rose 0.37% to 0.9312. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for USDCHF looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is at 0.93373 (R1) while on the downside, we are looking at daily low of 0.9249 as an important support. Break below this level could weaken the current bullish momentum. USDCHF need to break on either side to indicate a short-term bias. A break above 0.9319 would suggest bullish bias after recent positive movement.

For the week to-date, take note that USDCHF is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

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Minutes of the Federal Open Market Committee, January 31–February 1, 2023 Source: Federal Reserve

Last updated: 11:38 pm UTC, 22-Feb 2023

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