USD/CHF moving sideways, supported by the 200-DMA
|The USD/CHF pair after grazing the critical 200-DMA at 0.9940 during the mid-European session, stayed in a narrow 40-pips range as the market thinned out towards the end of the week.
Trump-Merkel meeting a non-event
Neither the macro data nor the Trump-Merkel joint press conference could move the pair as the participants choose to stay on the sidelines ahead of the important G20 meeting. US President, Donald Trump said that he expects the U.S. to do fantastically well in the trade with Germany, while German Chancellor, Angela Merkel pointed out that the U.S. and the E.U. can resume discussions on a trade agreement. The markets largely ignored both statements.
President Trump: I don't believe in isolationism
Germany's Merkel: Germany needs to meet NATO spending goals
SNB on hold
Yesterday, SNB left its monetary policy unchanged at its quarterly review, matching the expectations and Chairman Thomas Jordan said "We have always emphasized we have leeway with interest rates as well as currency interventions, and we still have this leeway," during an interview with the Swiss broadcaster SRF, as reported by Reuters News.
Technical outlook
As of writing the pair is up 0.16% at 0.9980 and a failure below 0.9940 (200-DMA), could aim for 0.9860 (Jan. 31 low) and finally 0.9770 (horizontal support). On the upside, the next resistance could be found at 1.000 (psychological level), ahead of 1.0040 (Fib. 38.2% of Jan. - Fed. fall) and 1.0090 (100-DMA).
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