Which currency pair are you looking at today? Do you have the USD/CHF pair on your watchlist?
If you haven’t looked at this week then maybe you should.
After a BIG upward move yesterday the pair seems to be retracing and is likely to retrace to the 0.99000 price level before resuming the uptrend again.
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Should we see a drop today and recovery towards the end of the day then chances are the USD/CHF will have completed a cup and handle pattern.
In which case, there is a great likelihood that we will see a sharp move towards 0.01000 and possibly 0.02000 at the beginning f next week.
SECO Economic Forecasts (15.06.22)
The State Secretariat for Economic Affairs (SECO) Consumer Climate Index (CCI) measures the level of consumer confidence in economic activity in Switzerland.
Some of the metrics measured by the report include: -GDP, Private Consumption, Government Consumption, Investment in Construction, investments in fixed assets and software, exports, and imports among other economic determinants.
On the index, a level above zero indicates optimism; below indicates pessimism.
The SECO economic forecast report is expected to be released today at 07:00 GMT.
Previously, consumer confidence in the economic activities of Switzerland was indexed at -18 which was good for CHF pairs and boosted confidence in day traders.
A pair like the USD/CHF continued rallying upwards after the release closing higher than expected for May 02, 2022, and the days that followed.
Should the report for today post a higher than expected reading, we will take that as positive/bullish for the CHF.
On the other hand, if the actual posting is lower than the expected reading then we will translate that as a negative/bearish for the CHF.