HomeContributorsFundamental AnalysisSwitzerland's Real Retail Sales Dipped In July

Switzerland’s Real Retail Sales Dipped In July

For the 24 hours to 23:00 GMT, the USD rose 0.55% against the CHF and closed at 0.9649 on Friday.

Macroeconomic data revealed that in Switzerland’s real retail sales registered a drop of 0.7% on an annual basis in July, following a revised gain of 1.7% in the prior month.

On the other hand, the nation’s SVME–manufacturing PMI unexpectedly rose to a level of 61.2 in August, confounding market consensus for a decline to a level of 60.2. The PMI had recorded a reading of 60.9 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 0.9608, with the USD trading 0.42% lower against the CHF from Friday’s close.

The pair is expected to find support at 0.9552, and a fall through could take it to the next support level of 0.9497. The pair is expected to find its first resistance at 0.9658, and a rise through could take it to the next resistance level of 0.9709.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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