USD/CHF: Swiss economy to grow faster-than-expected in the coming years: SECO


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD marginally declined against the CHF and closed at 0.9851.

Yesterday, the Swiss Government raised its economic growth forecasts for this year and next, citing a rebound in its export-led economy and a recent weakness in the Swiss Franc.

The State Secretariat for Economic Affairs (SECO), stated that it expects the Swiss economy to expand 1.0% in 2017, before accelerating to 2.3% and 1.9% in 2018 and 2019.

In the Asian session, at GMT0400, the pair is trading at 0.9849, with the USD trading slightly lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9830, and a fall through could take it to the next support level of 0.9810. The pair is expected to find its first resistance at 0.9874, and a rise through could take it to the next resistance level of 0.9898.

Amid no economic releases in the Switzerland today, investor sentiment would be governed by global macroeconomic factors.

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

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