The U.S. Dollar (USD) rose against the Swiss Franc (CHF) on Monday, increasing the price of the USDCHF pair to more than 0.8900, ahead of the release of the U.S. Retail Sales News.
As of this writing, the USDCHF pair consolidates around 0.8910, with a few resistance levels seen ahead. The price might have a hard time while moving upwards near the listed price tags.
0.8944 – the trendline resistance
0.9000- the psychological level
0.9026 – the confluence of a horizontal resistance and trendline arm
On the downside, the price might find some support near the given below price levels.
0.8883 – the 23.6% fib level support
0.8800 – the psychological number
0.8757 – the major horizontal support
U.S. Retail Sales News
The U.S. Census Bureau is scheduled to release numbers on Wednesday (February 17, 2021). As per economists’ view, the U.S Retail Sales news registered a reading of 0.7% in January 2021, as compared to the reading of -0.7%, in the month before.
The U.S. Retail Sales reflects net receipts of retail stores. Monthly percent changes reflect the rate of change in the volume of the sale of the retail sector. Retail sales data is considered an important economic indicator of consumer spending since it provides an idea whether or not consumers are willing to spend more money. Generally speaking, a high reading suggests a bullish market for the USDCHF pair ahead, and vice versa.
Considering the price movement of the pair over the last few days, selling the pair around current levels might be a sensible trading decision in the short to medium-term.