USD/CHF: Swiss trade surplus increased in December


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.4% against the CHF and closed at 0.9347.

In economic news, trade surplus in Switzerland widened to CHF2.63 billion in December, after recording a revised trade surplus of CHF2.58 billion in the previous month.

On the contrary, the nation’s KOF leading indicator declined to a level of 106.9 in January, more than market expectations for a fall to a level of 110.8. The index had recorded a revised level of 111.4 in the prior month.

In the Asian session, at GMT0400, the pair is trading at 0.9338, with the USD trading 0.1% lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9302, and a fall through could take it to the next support level of 0.9266. The pair is expected to find its first resistance at 0.9382, and a rise through could take it to the next resistance level of 0.9426.

Ahead in the day, traders would focus on Switzerland’s ZEW expectations index for January as well as the UBS consumption indicator for December.

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

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