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USD/CHF ignores Swiss GDP

FXStreet (Mumbai) - The USD/CHF pair paid little heed to the weaker-than-expected Swiss GDP figure and continues to move lower in early Europe.

CHF correction under way

The move lower appears due a technical correction in the oversold CHF. The currency fell to a 5-year low on Friday on rumours of SNB intervention. The Swiss Q3 GDP stalled q/q compared to the expected figure of 0.2%.

The technical correction in the oversold CHF may continue ahead of the US ISM manufacturing data due later in the day.

USD/CHF Technical Levels

At 1.0265, the immediate support is seen at 1.0240 (Jan 2015 high), under which the pair could fall to 1.02 levels. On the other side, a break above 1.03 would expose 1.0328 (Nov 27 high).

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