USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.32% against the CHF and closed at 0.9710.
On the macro front, Switzerland’s seasonally adjusted gross domestic product (GDP) climbed less-than-expected by 0.3% on a quarterly basis in 1Q 2017, compared to market expectations for an advance of 0.5%. In the previous month, GDP had advanced by a revised 0.2%.
On the contrary, the nation’s real retail sales dropped 1.2% on an annual basis in April, after recording gain of 2.1% in the previous month. Moreover, the nation’s SVME–PMI surprisingly fell to a level of 55.6 in May, compared to a reading of 57.4 in the prior month, while markets had anticipated the PMI to rise to a level of 57.8.
In the Asian session, at GMT0300, the pair is trading at 0.9714, with the USD trading slightly higher against the CHF from yesterday’s close.
The pair is expected to find support at 0.9684, and a fall through could take it to the next support level of 0.9654. The pair is expected to find its first resistance at 0.9732, and a rise through could take it to the next resistance level of 0.9750.
Going ahead, investors will closely monitor Switzerland’s unemployment rate and consumer price inflation data, both slated to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
