USDCHF on Thursday rose 0.28% to 0.9418. Pair in consolidation. What you need to know before the next trade.

USDCHF by TradingView

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.28%	26 Pips
Week to-date	0.21%	19.3 Pips
February	2.82%	258.4 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD ISM Services PMI

What happened lately

📆 🇺🇸 USD Unit Labor Costs in Q4 exceed forecast and rose to 3.2% compared to previous figure 1.1% in Q3. Source
🇺🇸 📆 USD In the week ending 25 February, the Initial Jobless Claims dropped to 190K compared to previous figure 192K. Source
📆 ☢️ 🇺🇸 USD ISM Manufacturing PMI in February below forecast and rose to 47.7 points compared to previous figure 47.4 points in January. Source
📆 🇺🇸 USD S&P Global Manufacturing PMI in February below forecast and dropped to 47.3 points compared to previous figure 47.8 points in January. Source
📆 🇨🇭 CHF Real Retail Sales (YoY) in January below forecast and improved to -2.2% compared to previous figure -3, revised from -2.8% in December. Source
📆 🇺🇸 USD Chicago Purchasing Managers’ Index in February below forecast and dropped to 43.6 points compared to previous figure 44.3 points in January. Source
📆 🇨🇭 CHF KOF Leading Indicator in February below forecast and rose to 100 points compared to previous figure 97.4, revised from 97.2 points in January. Source
📆 ☢️ 🇨🇭 CHF Gross Domestic Product s.a. (QoQ) in Q4 below forecast and dropped to 0% compared to previous figure 0.2, revised from 0.2% in Q3. Source

What can we expect from USDCHF today?

USDCHF on Thursday rose 0.28% to 0.9418. Price is above 9-Day EMA while Stochastic is rising but in overbought zone.

Updated daily direction for USDCHF looks mixed as the pair is likely to consolidate above 0.93900 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.9440 or trades above daily pivot 0.94150 while to the downside, the daily low of 0.9387 and 0.93900 (S1) as key support levels. USDCHF need to break on either side to indicate a short-term bias. A break above 0.9440 would suggest bullish bias 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 0.21% over the past few days.

Key levels to watch out:

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Last updated: 11:31 pm UTC, 02-Mar 2023

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