USD/CHF: KOF institute downgrades Swiss 2017 economic growth projection


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.41% against the CHF and closed at 0.9961.

In economic news, Switzerland’s KOF institute projected the nation to grow by 1.5% in 2017, down from its December 2016 forecast of 1.6%. For 2018, Swiss GDP is expected to rise by 1.9%, unchanged from its previous projection.

On the macroeconomic front, Swiss UBS consumption indicator rose to a level of 1.5 in February, from a reading of 1.4 in the previous month, mainly driven by growth in the domestic tourism industry. Moreover, the nation’s ZEW economic expectations index for the next six months advanced to a level of 29.6 in March, its highest reading since January 2014 and compared to a reading of 19.4 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 0.9979, with the USD trading 0.18% higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9933, and a fall through could take it to the next support level of 0.9887. The pair is expected to find its first resistance at 1.0003, and a rise through could take it to the next resistance level of 1.0027.

Going ahead, investors look forward to Switzerland’s KOF leading indicator for March, scheduled to release in a few hours.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

This entry was posted in USD/CHF. Bookmark the permalink.

Comments are closed.