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.
