USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.37% against the CHF and closed at 0.9418.
The Swiss Franc gained against the USD yesterday, following upbeat economic growth data for the fourth quarter.
Data showed that gross domestic product (GDP) in Switzerland recorded a rise of 1.90% in 4Q 2017, compared to a rise of 1.20% in the previous quarter. Markets were expecting GDP to advance 1.70%. Moreover, the SVME manufacturing PMI registered an unexpected rise to 65.5 in February, compared to market expectations of a fall to 64.0. In the previous month, the SVME manufacturing PMI had recorded a level of 65.3. However, real retail sales fell 1.40% on an annual basis in January, compared to a revised rise of 0.70% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 0.9401, with the USD trading 0.18% lower against the CHF from yesterday’s close.
The pair is expected to find support at 0.9370, and a fall through could take it to the next support level of 0.9340. The pair is expected to find its first resistance at 0.9461, and a rise through could take it to the next resistance level of 0.9522.
Amid no macroeconomic releases in Switzerland today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving average.
