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28 Aug 2015
USD/CHF: CHF bulls delighted as Swiss GDP positively surprises
FXStreet (Mumbai) - USD/CHF halted its three back-to-back sessions of gains and fell in the red in the early European trades, as the Swiss franc was offered some respite from an unexpected expansion in the country’s GDP numbers.
USD/CHF drops from 0.9667
Currently, the USD/CHF pair trades -0.35% lower at 0.9631, having struck session lows at 0.9623 on the data release. The Swiss currency flipped to gains after Switzerland’s economy accelerated in Q2, surprising markets on the upside.
Economic output in Switzerland revealed a 0.2% increase in the reported quarter, following 0.2% decrease reported in the first quarter of 2015. Market consensus had bet on a 0.1% decline.
Aiding the downside in USD/CHF, the US dollar also remains broadly weak as markets resorted to profit-taking after the recent US GDP-led rally.
Later in the day, the pair may receive fresh cues from the upcoming US data flow which may provide fresh incentives for further USD moves.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9667 (Today’s High) levels and above which it could extend gains 0.9727 (July 30 High) levels. To the downside, immediate support might be located at 0.9600 levels and below that at 0.9580 (Aug 20 Low) levels.
USD/CHF drops from 0.9667
Currently, the USD/CHF pair trades -0.35% lower at 0.9631, having struck session lows at 0.9623 on the data release. The Swiss currency flipped to gains after Switzerland’s economy accelerated in Q2, surprising markets on the upside.
Economic output in Switzerland revealed a 0.2% increase in the reported quarter, following 0.2% decrease reported in the first quarter of 2015. Market consensus had bet on a 0.1% decline.
Aiding the downside in USD/CHF, the US dollar also remains broadly weak as markets resorted to profit-taking after the recent US GDP-led rally.
Later in the day, the pair may receive fresh cues from the upcoming US data flow which may provide fresh incentives for further USD moves.
USD/CHF Technical Levels
To the upside, the next resistance is located at 0.9667 (Today’s High) levels and above which it could extend gains 0.9727 (July 30 High) levels. To the downside, immediate support might be located at 0.9600 levels and below that at 0.9580 (Aug 20 Low) levels.