USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.57% against the CHF and closed at 0.9931.
Macroeconomic data indicated that Switzerland’s trade surplus narrowed to CHF3.11 billion in February, following a revised surplus of CHF4.83 billion in the prior month.
Separately, the State Secretariat for Economic Affairs (SECO) in its latest forecast, lowered Switzerland’s economic growth outlook to 1.6% in 2017, down from the forecast of 1.8% it projected in December, while leaving the growth forecast for 2018 unchanged at 1.9%.
In the Asian session, at GMT0400, the pair is trading at 0.9943, with the USD trading 0.12% higher against the CHF from yesterday’s close.
The pair is expected to find support at 0.9912, and a fall through could take it to the next support level of 0.9881. The pair is expected to find its first resistance at 0.9982, and a rise through could take it to the next resistance level of 1.0021.
Going ahead, traders would focus on Swiss National Bank’s quarterly bulletin report, slated to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
