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It’s a bit of a slow start to the week in terms of top-tier releases, but I’m seeing big moves from dollar pairs early on!

Will this range support hold for USD/CHF though?

Before moving on, ICYMI, I’ve listed the potential economic catalysts that you need to watch out for this week. Check them out before you place your first trades today!

And now for the headlines that rocked the markets in the last trading sessions:

Fresh Market Headlines & Economic Data:

Australia’s building approvals slumped by 9.0% m/m in Nov vs. projected 0.1% uptick

Asian markets rally on Chinese economy reopening moves

Japanese PM Kishida to “have discussions” with new BOJ Governor

Swiss jobless rate improved from 2.0% to 1.9% in Dec

German industrial production rebounded by 0.2% m/m as expected in Dec

SNB foreign currency reserves dipped from 790M CHF to 784M CHF

Upcoming Potential Catalysts on the Forex Economic Calendar:

Canadian building permits at 1:30 pm GMT
U.S. consumer credit at 8:00 pm GMT
Japanese household spending at 11:30 pm GMT
Tokyo core CPI at 11:30 pm GMT

Use our new Currency Heat Map to quickly see a visual overview of the forex market’s price action! 🔥 🗺️

What to Watch: USD/CHF

USD/CHF 1-hour Forex Chart

USD/CHF 1-hour Forex Chart by TradingView

Thanks to another leg lower for the dollar early this week, USD/CHF is down to the very bottom of its hourly range!

Will buyers step up to defend support?

Stochastic seems to be suggesting so, as the oscillator has been indicating oversold conditions or exhaustion among sellers for a while.

Bullish vibes could kick in once Stochastic pulls higher, possibly taking USD/CHF back up to the nearby resistance levels.

At the same time, the 100 SMA is still above the 200 SMA to confirm that the path of least resistance is to the upside. In other words, there’s a good chance that support could hold for now.

With that, bulls might set their sights back on the top of the range around .9375 or at least until the area of interest near the .9300 handle.

There’s not much in the way of market-moving data in the next trading session, though, as the U.S. consumer credit report is the only one on Uncle Sam’s docket.

Just be sure to look out for any headlines related to Fed rhetoric or positioning ahead of the U.S. CPI release later this week!