USDCHF looks to extend recovery from Asian into Europe, as the Swiss Franc derives support from a solid Swiss Q2 GDP report. Looking ahead, what can traders expect?
6 September, OctaFX – The Swiss GDP rate grew by 0.7% q/q and 3.4% y/y in the second quarter of 2018, the latest data from State Secretariat for Economic Affairs showed.
USDCHF Looks to Extend Recovery Beyond 0.9700
The spot bounced from the Asian session lows of 0.9695, tracking the recovery in the US dollar across its main competitors, as markets flocked to the US currency in search of safety ahead of the looming US tariffs deadline, as the public hearing for the US’ $200 billion tariffs concludes today.
Looking ahead, the pair will continue to get influenced by the US dollar dynamics, as markets await the US ADP jobs data and ISM non-manufacturing PMI report for fresh trading impetus.
USDCHF Technical Levels
Higher side levels: 0.9720 (10-DMA), 0.9749 (200-DMA), 0.9800 (round number).
Lower-side levels: 0.9695 (daily low), 0.9652 (Aug 30 low), 0.9600 (key support).
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