28 Apr 2016
USD/CHF attempting a move above 0.9700 mark
The USD/CHF pair has been trending lower and is currently trading off day's through but still below 0.9700 round figure mark.
Since the beginning of current trading week the pair has witnessed constant selling pressure and is now down over 120-pips from last week's closing of 0.9785. On Thursday, the pair started sliding from day's peak of 0.9733 and just before the US GDP release dropped to 0.9657. Although the pair has trimmed some of its losses but is still trading in negative territory and now seems to be headed to register declines for fourth consecutive day.
In economic releases, US GDP registered a modest growth of 0.5% in the first quarter of 2016. Though the reading fell short of consensus estimates and was also lower than 0.9% growth recorded in the previous quarter, it assisted the pair to recover a bit from lows.
Technical levels to watch
The pair's recovery in the last hour failed to lift it beyond 0.9700 mark immediate resistance, which if cleared should assist the pair to test day high resistance near 0.9730-35 area.
On the downside, day's low near 0.9650 level remains key support to watch for, which if broken should easily drag the pair towards 0.9600 handle support.
Since the beginning of current trading week the pair has witnessed constant selling pressure and is now down over 120-pips from last week's closing of 0.9785. On Thursday, the pair started sliding from day's peak of 0.9733 and just before the US GDP release dropped to 0.9657. Although the pair has trimmed some of its losses but is still trading in negative territory and now seems to be headed to register declines for fourth consecutive day.
In economic releases, US GDP registered a modest growth of 0.5% in the first quarter of 2016. Though the reading fell short of consensus estimates and was also lower than 0.9% growth recorded in the previous quarter, it assisted the pair to recover a bit from lows.
Technical levels to watch
The pair's recovery in the last hour failed to lift it beyond 0.9700 mark immediate resistance, which if cleared should assist the pair to test day high resistance near 0.9730-35 area.
On the downside, day's low near 0.9650 level remains key support to watch for, which if broken should easily drag the pair towards 0.9600 handle support.