USD/CHF: Switzerland’s economic growth contracted in 3Q 2018


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.28% against the CHF and closed at 0.9962.

In the economic news, Switzerland’s seasonally adjusted gross domestic product (GDP) unexpectedly slid 0.2% on a quarterly basis in 3Q 2018, defying market consensus for a rise of 0.4%. In the prior quarter, GDP had recorded an advance of 0.7%.

In the Asian session, at GMT0400, the pair is trading at 0.9965, with the USD trading slightly higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9930, and a fall through could take it to the next support level of 0.9894. The pair is expected to find its first resistance at 0.9989, and a rise through could take it to the next resistance level of 1.0012.

Going ahead, traders would keep an eye on Switzerland’s retail sales real and consumer price index, scheduled to release next week.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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