USDCHF: Pair Tags 0.95 Ahead of US GDP

28 / 03 / 2018
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The greenback was broadly higher on Wednesday and the USDCHF pair was trading 0.35% stronger during the London session, seen attacking the 0.95 mark.

Later in the session, the final revision of the US GDP is due and the fourth quarter economic growth is projected to be revised higher to 2.7% from 2.5% in the second estimate. However, the GDP price index is forecast to stay unchanged at 2.3%. Somewhat positive numbers could support the US dollar.

On the other hand, the US dollar remains vulnerable due to Trump policy and import tariffs and all rallies have been sold-off aggressively this year so far. Therefore, the medium-term trend still appears bearish for the greenback.

The key support stands at 0.9440, where previous lows are seen and the pair managed to defend it in the previous week. The short-term trend could be bullish while above this support. The next buying zone is located near the 0.9400.

Bears will be defending the zone near 0.9540 and if not held, further bullish momentum toward 0.9570 could occur. The MACD oscillator sent a bearish signal on the daily chart, which could be supportive for bears in the next days. In all cases we strongly recommend to have rigorous money and risk management.

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