Thu, Oct 21, 2021 @ 23:58 GMT
HomeContributorsFundamental AnalysisSwiss Economic Growth To Pick Up This Year And Next: SECO

Swiss Economic Growth To Pick Up This Year And Next: SECO

For the 24 hours to 23:00 GMT, the USD rose 0.52% against the CHF and closed at 0.9562.

Macroeconomic data revealed that trade surplus in Switzerland widened to CHF3.14 billion in February, after recording a revised surplus of CHF2.08 billion in the previous month.

Separately, the Swiss State Secretariat for Economic Affairs (SECO), in its quarterly economic forecasts, upgraded Switzerland’s economic growth forecast to 2.4% and 2.0% for 2018 and 2019 respectively, citing a rebound in global economy. However, the agency warned that protectionist measures announced by the US pose downward risks for the global economy.

In the Asian session, at GMT0400, the pair is trading at 0.9549, with the USD trading 0.14% lower against the USD from yesterday’s close.

The pair is expected to find support at 0.9511, and a fall through could take it to the next support level of 0.9472. The pair is expected to find its first resistance at 0.9579, and a rise through could take it to the next resistance level of 0.9608.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

GCI Financial
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