Swiss GDP Rose A Faster Rate In The First Quarter
GCI Financial | May 29, 2014 04:07AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.19% against the CHF and closed at 0.8984.
In economic releases, Switzerland’s GDP rose 0.5% (QoQ) in the first quarter of 2004, faster than a 0.2% pace of rise in the preceding quarter but slower compared to market expectations for a 0.6% increase. Another report revealed that the UBS consumption indicator in the Swiss economy declined to a level of 1.72 in April, from a level of 1.84 in March.
In the Asian session, at GMT0300, the pair is trading at 0.8977, with the USD trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 0.8963, and a fall through could take it to the next support level of 0.8949. The pair is expected to find its first resistance at 0.8991, and a rise through could take it to the next resistance level of 0.9005.
Traders are expected to keep a close tab on the US GDP and weekly jobs data, along with global economic news for further cues in the currency pair, amid a Ascension Day holiday in Switzerland.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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