#USDCHF @ 0.89468 Swiss Producer and Import Prices for April remain stable at 0.2% MoM, with a 90% chance of a 25 bps rate hike by SNB in June. (Pivot Orderbook analysis)
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- Swiss Producer and Import Prices for April remain stable at 0.2% MoM, with a 90% chance of a 25 bps rate hike by SNB in June.
- New York Fed’s manufacturing index nosedives, while Fed speakers emphasize high inflation and the need for higher interest rates.
- USD/CHF tests solid support faces downward bias as bearish RSI and 3-day RoC indicators suggest sellers remain in control.
The pair currently trades last at 0.89468.
The previous day high was 0.8988 while the previous day low was 0.8897. The daily 38.2% Fib levels comes at 0.8953, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8932, expected to provide support.
The USD/CHF marched down after hitting a daily high of 0.8987, but US Dollar (USD) bulls’ lack of strength, weak US economic data, and expectations of an aggressive Swiss National Bank (SNB) bolstered the Swiss Franc (CHF). At the time of writing, the USD/CHF is trading at 0.8944, down 0.40%.
At the beginning of the week, the USD/CHF continued to trend lower, but it’s facing solid support at around the 20-day Exponential Moving Average (EMA). Data in the European session showed that the Producer and Import Prices for April in Switzerland were unchanged at 0.2% MoM, while annually based, ticked lower from 2.1% to 1%. Money market futures odds for a 25 bps rate hike by the SNB are at 90% by the June meeting.
On the US front, the New York Fed announced that its manufacturing index plummeted to -31.3 from the -3.9% contraction expected. Further data showed that the labor market is easing, but prices are rising. Regarding Fed speakers crossing the wires, they reiterated that inflation is high, that there’s some work to do, and that higher interest rates are still working its way through the economy.
The USD/CHF is downward biased but testing solid support, which, if it holds, can pave the way for further upside. Nevertheless, the Relative Strength Index (RSI) indicator at 48.19 is in bearish territory, suggesting that sellers remain in charge, while the 3-day Rate of Change (RoC) remains above zero but is about to turn bearish.
If USD/CHF resumes below the 20-day EMA At 0.8942, the next support would be 0.8900. The break below will expose the May 10 daily low of 0.8868 before challenging the YTD low of 0.8879. Conversely, the USD/CHF first resistance would be the 0.9000 figure. A breach of the latter will expose the 50-day EMA At 0.9033, followed by the 100-day EMA at 0.9155.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.8946 at the time of writing. Pair opened at 0.8983 and is trading with a change of -0.41 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8946 |
| 1 | Today Daily Change | -0.0037 |
| 2 | Today Daily Change % | -0.4100 |
| 3 | Today daily open | 0.8983 |
The pair is trading above its 20 Daily moving average @ 0.8924, below its 50 Daily moving average @ 0.9069 , below its 100 Daily moving average @ 0.9165 and below its 200 Daily moving average @ 0.9415
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8924 |
| 1 | Daily SMA50 | 0.9069 |
| 2 | Daily SMA100 | 0.9165 |
| 3 | Daily SMA200 | 0.9415 |
The previous day high was 0.8988 while the previous day low was 0.8897. The daily 38.2% Fib levels comes at 0.8953, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8932, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.8924, 0.8866, 0.8834
- Pivot resistance is noted at 0.9014, 0.9046, 0.9105
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8988 |
| Previous Daily Low | 0.8897 |
| Previous Weekly High | 0.8988 |
| Previous Weekly Low | 0.8868 |
| Previous Monthly High | 0.9198 |
| Previous Monthly Low | 0.8852 |
| Daily Fibonacci 38.2% | 0.8953 |
| Daily Fibonacci 61.8% | 0.8932 |
| Daily Pivot Point S1 | 0.8924 |
| Daily Pivot Point S2 | 0.8866 |
| Daily Pivot Point S3 | 0.8834 |
| Daily Pivot Point R1 | 0.9014 |
| Daily Pivot Point R2 | 0.9046 |
| Daily Pivot Point R3 | 0.9105 |
[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group
