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USDCHF Market Update

1/24/2023 11:26 AM

Against the decline in the American currency, the USD/CHF pair moves within a corrective trend, around 0.9213.

Frank demonstrates neutrality, which is visible in the latest macroeconomic reports. Thus, the producer price index of Switzerland in December decreased by only 0.7% to 108.7 points, which is slightly lower than 110.0 points at the beginning of the year, against which the annual growth of the index slowed slightly to 3.2%, which is inferior to an increase of 3.8% in 2021. Thus, the country's economy remains stable, and the reduction in world fuel prices has reduced the cost of imports, which may lead to an increase in the December trade balance to 3.230B francs from 2.307B francs in November.

The US dollar is falling, trading at 101.700 points in the USD Index. Today, investors are waiting for the publication of business activity indices: Service PMI may slightly increase to 45.0 points from 44.7 earlier, but Manufacturing PMI may continue to decline and amount to 46.0 points instead of 46.2 points earlier, which is well below the so-called stability threshold of 50.0 points.

On the daily chart, the trading instrument continues its global decline and forms a local downward corridor with dynamic boundaries of 0.9000–0.9270.

Technical indicators maintain a stable sell signal: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram forms downward bars in the sell zone.

Resistance levels: 0.9271, 0.9413. | Support levels: 0.9158, 0.9000.

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