Based on the last 12 ZEW Economic Sentiment Index events in Germany, we expect a 45 pip movement on USDCHF within 12 hours following the event release at 2023-01-17 21:00. We expect USDCHF to trend upwards 12 hours following the event release at 2023-01-17 21:00 if the released value is > -15

Historical events that allowed us to draw this conclusion

15 Nov 21:00	10 May 19:00
12 Apr 19:00	18 Jan 21:00

All references to movement sizes are expressed assuming a lot size of 100,000 units (“standard account”).