USD/CHF: Switzerland’s gross domestic product climbed in 4Q 2018


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.30% against the CHF and closed at 0.9979.

On the data front, Switzerland’s gross domestic product (GDP) advanced 1.4% on a yearly basis in 4Q 2018, less than market expectations for a rise of 1.7% and compared to an advance of 2.4% in the prior quarter. Meanwhile, the nation’s KOF economic barometer declined to a level of 92.4 in February, more than market consensus for a fall to a level of 95.0. The KOF economic barometer had registered a revised reading of 96.2 in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9984, with the USD trading 0.05% higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9942, and a fall through could take it to the next support level of 0.9900. The pair is expected to find its first resistance at 1.0011, and a rise through could take it to the next resistance level of 1.0038.

Trading trend in the Swiss Franc today, is expected to be determined by Switzerland’s retail sales real for January and the manufacturing PMI for February, slated to release in a while.

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

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