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USD/CHF has been in a good bearish run since the bounce off the 1.0100 resistance area recently. Switzerland published a negative trade balance report on Tuesday which was at 1.97B versus the expected level at 2.87B. However, the Swiss currency is stronger against USD. Currently CHF is dominating USD in every dimension possible. On the USD side, today the G7 meeting is going on which is expected to bring some volatility to the market. Besides, the preliminary estimates of the GDP growth rate are expected to show an increase of 0.9% which previously was at 0.7%. The durable goods orders is expected to show a negative figure at -1.4% which previously was positive at 0.9%, and Prelim GDP Price Index is expected to be unchanged at 2.3%. If the USD reports fail to meet expectations today, CHF is expected to extend gains in the coming days.
Now let us look at the technical view. The price has already broken below the event level at 0.9960 and currently it is in a non-volatile bearish trend with a target towards 0.9550 area. Some correction may be observed before the price reaches the ground at 0.9550 area. Counter players are currently weak in this market structure. We are in bearish bias in this pair and it will continue till the price breaks above 1.0100 area with a daily close.
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