The U.S. Dollar (USD) inched higher against the Swiss Franc (CHF) on Tuesday, increasing the price of the USDCHF to more than 0.8900, ahead of the release of the U.S. Retails Sales news. The technical bias remains bullish because the price of the pair printed a higher high in the recent upside move.
Technical Analysis
As of this writing, the USDCHF consolidates around 0.8989, with a few resistance levels seen ahead. The price of the pair is likely to hit the resistance levels near the listed prices.
Resistance
0.9026 – the major horizontal resistance
0.9090 – the 61.8% Fib level resistance
0.9139 – the high of November 25, 2020
On the downside, the price might find some sustainability near the given below support levels.
Support
0.8962 – the key horizontal support
0.8919 – the lower trendline arm
0.8883 – the 23.6% Fib level support
The technical bias might remain bullish as long as 0.8962, the key horizontal support level remains intact.
U.S. Retail Sales News
The U.S. Census Bureau is scheduled to release stats for the Retail Sales on Wednesday (February 17, 2021). As per the average consensus of economists, the U.S. Retail Sales registered a reading of 0.7% in January, as compared to the reading of -0.7%, in the month before.
The U.S. retail sales figures reflect the total receipts of retail stores all over the United States. The retail sales data shows the performance of the retail sector over the given period.
The changes in retail sales data is widely followed as a significant indicator of consumer spending patterns. Generally speaking, a high reading suggests a bullish market for the USDCHF pair ahead and vice versa.
Conclusion
Given the macro-economic outlook of the pair over the past few days, buying the pair around current levels might help to make some quick cash in the short to medium-term trading.