USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.34% against the CHF and closed at 1.0072.
Macroeconomic data indicate that Switzerland’s seasonally adjusted gross domestic product (GDP) advanced 0.6% on a quarterly basis in 1Q 2019, surpassing market expectations for a gain of 0.4%. In the preceding quarter, GDP had recorded a revised rise of 0.3%. Moreover, the seasonally adjusted trade surplus narrowed to CHF1.9 billion in April, amid surge in imports and compared to a revised surplus of CHF2.5 billion in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0060, with the USD trading 0.12% lower against the CHF from yesterday’s close.
The pair is expected to find support at 1.0030, and a fall through could take it to the next support level of 1.0000. The pair is expected to find its first resistance at 1.0094, and a rise through could take it to the next resistance level of 1.0128.
Trading trend in the Swiss Franc today, is expected to be determined by Switzerland’s KOF leading indicator and Credit Suisse survey expectations, both for May, scheduled to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
