Forecast: How will Swiss trade balance data impact USD/CHF?

ForexNewsNow | Published on September 20, 2010 at 9:59 am

indicator analysis  - a pile of Swiss francsNEW YORK (Forex News Now) – Switzerland’s statistics bureau is due on Tuesday to release a key report on the country’s trade balance in July, in one of the day’s major realtime forex news events.

The Swiss Federal Statistical Office, the bureau, is expected to say that Switzerland’s trade surplus shrank to CHF 1.97 billion in August, according to two currency market trading news outlets.

The bureau is scheduled to publish the data at 6:15 A.M. GMT; as such, the report is likely to dominate European early online FX trading.

According to indicator analysis, if the surplus shrinks less than forecast, or even widens, the report could push USD/CHF toward support around the low of Sept. 14, 0.9932.

But should the data show a greater-than-expected decline, or a swing to deficit, the currency pair could be could be lifted toward resistance around Friday’s high, 1.0183.



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