- The US Dollar traded lower towards 0.9920 against the Swiss Franc where it found support.
- The USDCHF pair is currently trading near a major bearish trend line at 0.9950 on the hourly chart.
- Today in Switzerland, the ZEW Survey Expectations Index for April 2017 published by the Centre for European Economic Research posted a decline from 29.6 to 22.2.
USDCHF Technical Analysis
The US Dollar recently fell towards 0.9920 against the US Dollar and traded as low as 0.9917 where it found support. Later, the USDCHF pair consolidated in a range above 0.9920, and then moved higher.
The pair moved above the 23.6% Fib retracement level of the last decline from the 0.9968 high to 0.9917 low. It also cleared a short-term bearish trend line at 0.9926 on the hourly chart.
At the moment, the pair is trading near a major bearish trend line at 0.9950, and attempting a close above it.
USDCHF Hourly Chart
The same trend line also coincides with the 61.8% Fib retracement level of the last decline from the 0.9968 high to 0.9917 low.
So, it won’t be easy for the bulls to break the 0.9950 resistance in the near term. If they succeed, the next stop could be the 0.9968, followed by 1.00.
On the downside, an initial support is at 0.9930, followed by the last swing low at 0.9917.
The hourly RSI of USDCHF is just above 56, and heading higher.
Switzerland – ZEW Survey Expectations Survey
Today in Switzerland, the ZEW Survey Expectations Index for April 2017 was published by the Centre for European Economic Research. The forecast was slated for a minor decline from the last reading of 29.6 in April 2017.
The actual result was lower than the forecast, as the ZEW Survey Expectations Index posted a decline from 29.6 to 22.2. Earlier today, the UBS Consumption Indicator was released, which remained at 1.5 in March 2017.
Later today in the US, the MBA Mortgage Applications (April 21, 2017) will be released by the Mortgage Bankers Association, which is forecasted to decrease by roughly 1%.
Overall, there is a chance of USDCHF breaking the 0.9950 resistance for a move towards the all-important 1.00 handle.