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USDCHF Market Update

11/30/2022 10:50 AM

The US dollar shows a slight decrease against the Swiss franc, retreating from its local highs from November 22. The USD/CHF pair is testing 0.9520 for a breakdown, waiting for new drivers to appear on the market. In particular, updated statistics on the dynamics of Gross Domestic Product (GDP) for the third quarter will be released today in the US. Toward the end of the trading session, a speech by the Chair of the US Federal Reserve, Jerome Powell, is expected, as well as the publication of the Beige Book, an economic review from the regulator. In addition, a report from Automatic Data Processing (ADP) on employment in the private sector in November will be presented on Wednesday: current forecasts suggest a slowdown in dynamics from 239.0 thousand to 200.0 thousand.

In turn, November data on the index of Leading Indicators from the Swiss Economic Institute (KOF) will be published in Switzerland today. Analysts expect to see a moderate increase in the index from 90.9 points to 91.3 points. Also during the day the index of Economic Expectations from the Center for European Economic Research (ZEW) will be published. Current forecasts suggest a noticeable increase in the indicator from -53.1 points to -41.9 points. Tomorrow, November data on the dynamics of consumer inflation, which is expected to remain at 0.1% MoM and 3.0% YoY, will be published in Switzerland.

Meanwhile, the head of the Swiss Federal Commission for Electricity Supply, Werner Luginbühl, said that the risks of a shortage of energy resources are still relevant and called on the Swiss to save them more actively, despite the warm weather in November. The country's partners, Germany and France, will launch nuclear power plants this winter to avoid a negative scenario with interruptions in the supply of heating.

In the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short/middle term. MACD indicator is growing, while preserving a rather stable buy signal (located above the signal line). Stochastic keeps its upward direction but is rapidly approaching its highs, which reflects the risks of overbought American dollar in the ultra-short term.

Resistance levels: 0.9550, 0.9600, 0.9650, 0.9700. | Support levels: 0.9478, 0.9400, 0.9350, 0.9300.

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