USD/CHF: Switzerland’s economy expanded more-than-estimated in 2Q 2018


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.66% against the CHF and closed at 0.9651.

Data showed that Switzerland’s gross domestic product (GDP) advanced 3.4% on a yearly basis in 2Q 2018, boosting expectations for further interest rate hikes and beating market expectations for a rise of 2.4%. In the previous quarter, the GDP had recorded a revised rise of 2.9%

In the Asian session, at GMT0300, the pair is trading at 0.9654, with the USD trading a tad higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9632, and a fall through could take it to the next support level of 0.9611. The pair is expected to find its first resistance at 0.9693, and a rise through could take it to the next resistance level of 0.9733.

Going ahead, traders will closely monitor Switzerland’s unemployment rate for August, set to release in a while.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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

Comments are closed.