USD/CHF: Swiss retail sales unexpectedly falls in May


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.17% against the CHF and closed at 0.9935.

The Swiss Franc declined against the dollar, after Switzerland’s real retail sales unexpectedly fell 0.1% on an annual basis in May, defying market anticipation to register a rise of 1.4%. In the previous month, the retail sales had recorded a revised rise of 2.9%. Further, the nation’s SVME manufacturing PMI slid to a level of 61.6 in June, less than market expectations for a drop to a level of 61.0. In the previous month, the PMI had recorded a reading of 62.4.

Additionally, Switzerland’s total sight deposits eased to a level of CHF576.4 billion in the week ended 01 June, from CHF576.7 billion in the previous week.

In the Asian session, at GMT0300, the pair is trading at 0.9946, with the USD trading 0.11% higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9916, and a fall through could take it to the next support level of 0.9886. The pair is expected to find its first resistance at 0.9971, and a rise through could take it to the next resistance level of 0.9996.

With no macroeconomic releases in Switzerland today, investors would look forward to global macroeconomic factors for further direction.

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

This entry was posted in USD/CHF. Bookmark the permalink.

Comments are closed.