Swiss Franc Trading On A Weaker Footing Ahead Of Switzerland’s Q1 GDP
GCI Financial | May 29, 2015 02:22AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.76% against the CHF and closed at 0.9425.
On the macro front, industrial production in Switzerland retreated 0.5% QoQ in the first quarter of 2015, following a 2.7% rise registered in the preceding quarter. Separately, the nation’s trade surplus climbed to CHF2.86 billion in April, from previous month’s revised level of CHF2.50 billion.
In the Asian session, at GMT0300, the pair is trading at 0.9427, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 0.9391, and a fall through could take it to the next support level of 0.9356. The pair is expected to find its first resistance at 0.9489, and a rise through could take it to the next resistance level of 0.9551.
Moving ahead, investors would keep a close eye on Switzerland’s Q1 GDP data, scheduled in a few hours, to get better insights in the Swiss economy.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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