Forex: USD/CHF held by Friday’s close, up after Swiss trade data

FXstreet.com (Barcelona) - The USD/CHF is moving under a very narrow daily trading range, of 20 pips at 0.9342/62, and after printing its high by the end of the Asian session, the pair moved back to its lower area ahead of Switzerland trade data for March. The trade surplus eased slightly from 2M (revised from 2.098M) to 1.98M, but came in much higher than the 1.151M expected. Investors are happy to see both exports (from 16,145M to 16.948M) and imports (from 14,047M to 15.048M) climbing to higher values. The publication triggered a rebound, already to 0.9358.

Unlike yesterday, there is plenty of economic data during the European morning and French business confidence is coming next, before the preliminary release of April Markit PMI data in Europe. The market expects no change in both manufacturing and services figures in the Eurozone.

Despite the narrow trade, the USD/CHF is currently moving to the upside as it has been its trend since the April-17 rebound from 0.9206 low. Once yesterday’s high at 0.9372 is breached, the pair will find resistance at 0.9400 mark, 0.9434 (April-6 high) and 0.9500. On the downside, Friday’s close at 0.9340 is holding as support. Below it, there is 0.9316 (weekly low), 0.9276 (Friday’s close) and 0.9206 (April low).