USD/CHF: Swiss economic growth slowed in the fourth quarter of 2016


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.46% against the CHF and closed at 1.0130.

The Swiss Franc declined, after Switzerland’s seasonally adjusted gross domestic product (GDP) rose less-than-expected by 0.1% on a quarterly basis in 4Q 2016, compared to a revised similar rise in the prior quarter, whereas markets expected the GDP to rise 0.4%. On the contrary, the nation’s real retail sales declined 1.4% YoY in January, following a revised drop of 4.1% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.0126, with the USD trading slightly lower against the CHF from yesterday’s close.

The pair is expected to find support at 1.0098, and a fall through could take it to the next support level of 1.007. The pair is expected to find its first resistance at 1.015, and a rise through could take it to the next resistance level of 1.0174.

With no economic releases in Switzerland today, investors will look forward to global events for further direction

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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