USD/CHF: Switzerland’s trade surplus widened in January


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 1.35% against the CHF and closed at 0.9841.

On macro front, Switzerland’s trade surplus widened to CHF4.8 billion in January, compared to a surplus of CHF2.0 billion in the previous month. Additionally, industrial output rose 1.6% on a yearly basis in 4Q19, compared to a revised advance of 7.9% in the previous quarter.

In the Asian session, at GMT0400, the pair is trading at 0.9837, with the USD trading slightly lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9818, and a fall through could take it to the next support level of 0.9800. The pair is expected to find its first resistance at 0.9852, and a rise through could take it to the next resistance level of 0.9868.

Amid no macroeconomic releases in Switzerland today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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