USD/CHF: Switzerland’s ZEW expectations index jumped in May, while KOF leading indicator unexpectedly fell in the same month


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.22% against the CHF and closed at 0.9888.

On the data front, Switzerland’s ZEW economic expectations index rose to a level of 28.0 in May, after registering a level of 7.2 in the prior month. On the other hand, the nation’s KOF leading indicator surprisingly declined to a level of 100.0 in May, defying market consensus for a rise to a level of 104.7. The index had recorded a revised level of 103.3 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 0.9883, with the USD trading 0.05% lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9863, and a fall through could take it to the next support level of 0.9843. The pair is expected to find its first resistance at 0.9919, and a rise through could take it to the next resistance level of 0.9955.

Going ahead, investors will closely monitor Switzerland’s 1Q GDP and real retail sales data for April, both 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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