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USD/CHF loses grip on 0.9600 level

FXstreet.com (Barcelona) - The USD/CHF weakened further Thursday, falling below the 0.9600 level during European trading and after upbeat Swiss data earlier.

In these moments, the pair was seen incurring a loss of -0.29% off its opening, while settling at 0.9688/90 in these moments. Should the losses continue, Mataf.net analysts identify the next short-term supports at 0.9561, then 0.9486, and finally 0.9371.

Earlier today in Switzerland, Gross Domestic Product s.a. (QoQ) grew +0.6% in Q1, beating expectations of only +0.2%. In addition, the Gross Domestic Product (YoY) also climbed +1.1% in Q1, vs. a projection that called for +0.9%.

According to the Technical Analyst Team at ICN.com, “The USD/CHF moved sharply to the upside failing our negative expectations of yesterday while it failed to stabilize above 0.9775, whereas it is required to support extending the bullish move. Failing to stabilize above 0.9775 doesn’t end the effect of the bearish harmonic Butterfly Pattern meanwhile the downside move requires trading stably again below 0.9700.”

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