USD/CHF: Swiss industrial production declined in the fourth quarter of 2016


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.39% against the CHF and closed at 1.0063.

On the economic front, Switzerland’s industrial production slid 1.2% YoY in 4Q 2016, following a revised gain of 0.2% in the previous quarter.

In the Asian session, at GMT0400, the pair is trading at 1.0064, with the USD trading marginally higher against the CHF from yesterday’s close.

The pair is expected to find support at 1.0037, and a fall through could take it to the next support level of 1.0010. The pair is expected to find its first resistance at 1.0104, and a rise through could take it to the next resistance level of 1.0144.

Moving ahead, Switzerland’s 4Q GDP, KOF leading indicator, UBS consumption indicator and SVME–PMI, all slated to release next week, will garner a lot of market attention.

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

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