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The Swiss GDP is up for release in the next trading session, so I’m counting on a bit more volatility for this franc pair.

USD/CHF recently made a downside break from its symmetrical triangle pattern, hinting that a longer-term slide might be underway.

For now, check out the major headlines during the Asian session and how the majors fared:

Currency Snapshot

Major Forex Pairs Price Performance from MarketMilk
Major Forex Pairs Price Performance from MarketMilk

Fresh Market Headlines & Economic Data:

Upcoming Potential Catalysts on the Economic Calendar:

  • Swiss GDP at 6:45 am GMT
  • U.K. final services PMI at 9:30 am GMT
  • Eurozone PPI and unemployment rate at 10:00 am GMT

What to Watch: USD/CHF

USD/CHF 1-hour Forex Chart
USD/CHF 1-hour Forex Chart

The dollar has been on weak footing against most of its rivals as risk-taking has been in play in the Asian session.

USD/CHF has already tumbled below the symmetrical triangle support, hinting that a slide of the same height as the pattern may follow.

Before that happens, the pair might pull up to the nearby resistance levels marked by the Fib tool to draw more sellers in. In particular, the 61.8% level lines up with the broken triangle support that could now hold as resistance.

The Swiss economy is due to print its Q1 GDP figure and might show a 2% contraction, possibly resulting in a quick franc selloff.

However, technical indicators are showing that bearish vibes are very much present, with Stochastic ready to head south from the overbought zone and the 100 SMA safely below the 200 SMA.

If any of the Fibs keep gains in check, USD/CHF could resume the drop to the swing low near .9575 or lower.

Need help in placing your stops and targets? Better check out the average USD/CHF volatility when setting exit levels!