USD/CHF: Switzerland’s real retail sales dropped for the fourth straight month in February


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.28% against the CHF and closed at 0.9990.

On the data front, Switzerland’s SVME manufacturing PMI declined to a level of 50.3 in March, more than market consensus for a fall to a level of 53.6. The PMI had registered a level of 55.4 in the prior month. Moreover, the nation’s real retail sales slid 0.2% on an annual basis in February, declining for the fourth straight month. Real retail sales had registered a revised similar fall in the previous month.

On the other hand, Switzerland’s total sight deposits rose to a level of CHF576.1 billion in the week ended 29 March, from CHF575.9 billion in the previous week.

In the Asian session, at GMT0300, the pair is trading at 0.9988, with the USD trading a tad lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9948, and a fall through could take it to the next support level of 0.9908. The pair is expected to find its first resistance at 1.0012, and a rise through could take it to the next resistance level of 1.0036.

Trading trend in the Swiss Franc today, is expected to be determined by Switzerland’s consumer price index for March, slated to release in a few hours.

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

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