Switzerland Trade Balance came in at 4096M topping expectations of 3210M in June. The Switzerland Exports (month over month) came in down to 20454M in June from previous 21485M while the Imports (month over month) came in at 16359M in June from previous 18074M.
USDCHF didn’t react on the news. The pair continues the rebound from the yearly low at 0.9690, but still the bears are in full control as the pair trading below all major daily moving averages. First support stands at 0.9817 the low from July 15 while extra bids will probably emerge at 0.9779 the low from July 1st. On the upside immediate resistance for the pair stands at 0.9940 the 50 day moving average and next at 0.9980 at the 200 day moving average. I am neutral on USDCHF as I don’t see any trading opportunities for the pair at current level. Aggressive traders are looking to enter a long position in USDCHF if the price breaks convincingly above the downward sloping trend line that w can in see in red in our chartDon’t miss a beat! Follow us on Twitter.
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