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USDCHF Consolidation Near Record Lows

1/19/2023 11:11 AM

During the Asian session, the USD/CHF pair shows multidirectional dynamics, consolidating near the level of 0.9160.

Yesterday, the quotes were actively declining, renewing record lows of November 2021 but closer to the close of the daytime session, the US dollar managed to noticeably win back the lost ground, despite the negative macroeconomic background from the US. Investors are disappointed by the further deterioration in the dynamics of national industrial production: in December, the indicator lost 0.7% after falling by 0.6% earlier, although analysts expected an improvement in dynamics to –0.1%. Retail sales declined 1.1% after falling 1.0% in November from the –0.8% forecast.

Tomorrow, the focus of the market will be the December Swiss statistics on manufacturing inflation, as well as a block of data from the US on the state of the housing market and business activity in the manufacturing sector of the Federal Reserve Bank (FRB) of Philadelphia for January.

On the daily chart, Bollinger bands are moving flat: the price range is expanding but not as fast as the "bearish" activity develops. The MACD indicator is decreasing, keeping a strong sell signal (the histogram is below the signal line). Stochastic approached "20" and reversed into a horizontal plane, reacting to yesterday's growth of corrective sentiment on the US dollar.

Resistance levels: 0.9200, 0.9250, 0.9300, 0.9350. | Support levels: 0.9150, 0.9100, 0.9036, 0.9000.

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