USD/CHF Fails at Tuesday’s High, Ignores Weak Swiss GDP

USD/CHF Fails at Tuesday’s High, Ignores Weak Swiss GDP

1 June 2016, 08:52
Roberto Jacobs
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USD/CHF Fails at Tuesday’s High, Ignores Weak Swiss GDP

The Swiss franc strengthened somewhat versus its US counterpart in the European morning, despite the release of weaker-than expected Switzerland’s GDP data.

USD/CHF rejected at 0.9950

Currently, the USD/CHF pair trades almost unchanged at 0.9937, having dropped as low as 0.9932 levels on Swiss GDP release. The major failed once again to take out stiff resistance located ahead of 0.9950 levels and turned lower, with the Swiss franc indifferent to downbeat Swiss growth numbers.

Switzerland's first-quarter GDP marginally advanced 0.1% q/q, markets had predicted a 0.2% climb in the reported quarter.

In the day ahead, markets await the Swiss retail sales data for fresh momentum on the Swissie ahead of the US economic releases due later in the NA session.

USD/CHF Technical Levels

To the upside, the next resistance is located at 1.0000 (parity) and above which it could extend gains to 1.0043 (Feb 28 High). To the downside, immediate support might be located at 0.9987/81 (May 31 & 27 Low) and below that 0.9853 (200-DMA).


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