USD/CHF: Switzerland’s trade surplus expanded more-than-expected in January


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.32% against the CHF and closed at 1.0013.

Data showed that Switzerland’s trade surplus widened to CHF3.04 billion in January, compared to a revised surplus of CHF1.96 billion in the prior month. Market participants had expected the nation to post a surplus of CHF2.24 billion.

In the Asian session, at GMT0400, the pair is trading at 1.0015, with the USD trading slightly higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9991, and a fall through could take it to the next support level of 0.9967. The pair is expected to find its first resistance at 1.0050, and a rise through could take it to the next resistance level of 1.0085.

Amid lack of economic releases in Switzerland today, traders would focus on global macroeconomic events for further direction.

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

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