USD/CHF: Switzerland’s economy grew more-than-expected in 1Q 2018


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.46% against the CHF and closed at 0.9843.

Macroeconomic data showed that Switzerland’s seasonally adjusted gross domestic product (GDP) increased 0.6% on a quarterly basis in the first three months of 2018, following a similar rise in the previous quarter. Market participants had expected the nation’s GDP to rise 0.5%. Additionally, the nation’s real retail sales rebounded 2.2% on an annual basis in May, compared to a revised drop of 1.1% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 0.9873, with the USD trading 0.30% higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9836, and a fall through could take it to the next support level of 0.9798. The pair is expected to find its first resistance at 0.9901, and a rise through could take it to the next resistance level of 0.9928.

Looking ahead, investors would eye Switzerland’s SVME-PMI for May, set to release in a few hours.

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

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