Swiss Franc Trading Higher Ahead Of Swiss Trade Balance Data
GCI Financial | Dec 18, 2014 01:53AM ET
For the 24 hours to 23:00 GMT, the USD rose 1.43% against the CHF and closed at 0.9737. On the macro front, Switzerland’s ZEW economic expectation index improved to -4.9 in December, compared to a reading of -7.6 recorded in the prior month.
Separately, the Swiss KOF institute, citing improved global economic conditions and private consumption, raised its 2015 economic forecast for the Swiss economy after indicating that the nation’s economy would grow 1.9% in 2015 from its earlier estimation of 1.7% and by 2.1% in 2016. Additionally, it downgraded the nation’s inflation growth forecast to 0.1% compared to a 0.3% rise projected earlier.
In the Asian session, at GMT0400, the pair is trading at 0.9728, with the USD trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 0.9640, and a fall through could take it to the next support level of 0.9552. The pair is expected to find its first resistance at 0.9782, and a rise through could take it to the next resistance level of 0.9837.
Going forward, market participants would keep a tab on Switzerland’s SECO economic forecast coupled with the nation’s trade balance data, scheduled in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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