USD/CHF: Swiss Franc trading lower, ahead of Switzerland’s Q4 GDP data


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.25% against the CHF and closed at 1.0084.

Macroeconomic data showed that Switzerland’s UBS consumption indicator climbed less than expected to a level of 1.43 in January, while investors anticipated for it to record a level of 1.50 and following a revised reading of 1.38 in the prior month. In contrast, the nation’s SVME-purchasing managers’ index (PMI) rose to a level of 57.8 in February, surpassing market expectations of a rise to a level of 55.5. In the previous month, the PMI had recorded a level of 54.6.

In the Asian session, at GMT0400, the pair is trading at 1.0100, with the USD trading 0.16% higher against the CHF from yesterday’s close.

The pair is expected to find support at 1.0064, and a fall through could take it to the next support level of 1.0027. The pair is expected to find its first resistance at 1.0133, and a rise through could take it to the next resistance level of 1.0165.

Ahead in the day, market participants will closely monitor Switzerland’s Q4 GDP and real retail sales data for January.

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

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