Dashboard

Solid News

USDCHF is Consolidating Near Local Highs

3/3/2023 11:00 AM

During the Asian session, the USD/CHF pair is correcting around 0.9395 after the upward dynamics yesterday, which led to the renewal of local highs of December 6.

Moderate support for the US currency was provided by positive macroeconomic statistics: initial jobless claims for the week of February 24 decreased from 192.0K to 190.0K, while analysts expected its further growth to 195.0K, and continuing claims for the week of February 17 fell from 1.660M to 1.655M, which also was better than market forecasts of an increase to 1.665M. Before this, the dollar remained under pressure amid the publication of ambiguous data on business activity in the manufacturing sector from the Institute of Supply Management (ISM): in February, the indicator increased from 47.4 points to 47.7 points, which, however, fell short of the forecasts of 48.0 points. Also, the value has been below the psychological level of 50.0 points for a long time.

On Friday, investors will focus on the block of macroeconomic statistics from the US on business activity in the services sector from ISM: according to analysts' expectations, the indicator will drop from 55.2 points to 54.5 points. Also during the day, the US Federal Reserve's report on monetary policy will be published, which will be commented on by representatives of the regulator.


On the daily chart, Bollinger Bands are steadily growing: the price range is narrowing, reflecting the emergence of multidirectional trading dynamics in the short term. The MACD indicator is trying to reverse into a downward plane but retains its buy signal (the histogram is above the signal line). Stochastic is showing similar dynamics, trying to retreat from its highs, indicating that the US dollar may become overbought in the ultra-short term.

Resistance levels: 0.9439, 0.9478, 0.9550, 0.9600. | Support levels: 0.9400, 0.9350, 0.9300, 0.9250.


Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Mail Us
[email protected]
Call Us
+35 924 928 392


Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using solidecn.com you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024 SolidECN.com