USD/CHF: Swiss economy grew weaker-than-expected in 2Q 2017


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.46% against the CHF and closed at 0.9539.

Macroeconomic data indicated that Switzerland’s seasonally adjusted gross domestic product (GDP) rose less-than-expected by 0.3% on a quarterly basis in the second quarter of 2017, compared to a revised rise of 0.1% in the prior quarter, while markets were anticipating GDP to rise 0.5%. Moreover, the nation’s consumer price index (CPI) remained flat on a monthly basis in August, meeting market expectations and compared to a drop of 0.3% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 0.9549, with the USD trading 0.1% higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9517, and a fall through could take it to the next support level of 0.9486. The pair is expected to find its first resistance at 0.9597, and a rise through could take it to the next resistance level of 0.9646.

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

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