USD/CHF has been the most impulsive with the bearish gains recently, whereas USD did not get any opportunity to pullback against the strong trend after breaking below the 0.97 price area. USD has been the weakest currency since the interest rate hike on December and from that period USD has been struggling to get over CHF in every way. Today, US Advance GDP report is going to be published where the rate is expected to decrease to 3.0% from the previous value of 3.2%, Core Durable Goods Orders are expected to increase to 0.5% from the previous negative value of -0.1%, Advance GDP Price Index is expected to increase to 2.3% from the previous value of 2.1%, and Durable Goods Orders are expected to decrease to 0.9% from the previous value of 1.3%. Moreover, USD Goods Trade Balance report is going to be publish today which is expected to show less deficit at -68.6B from the previous figure of -70.0B, and Prelim Wholesale Inventories are expected to decrease to 0.4% from the previous value of 0.8%. As of the current scenario, having no economic report on the CHF side this week, the impulsive gain was due to the severe weakness of USD against the strong economic condition of CHF. Though a good number of high impact economic reports of USD is going to be published today but the expectations are quite mixed which may lead to certain volatility and correction along the way, but in the long-term basis, CHF is expected to gain momentum after certain pullback in the pair in the coming days.
Now let us look at the technical view. The price has been impulsive with the bearish pressure recently which led it to break below 0.9450 support area. A good amount of rejection of bears already observed yesterday which does hint some bullish intervention in the pair ahead of the high impact economic reports to be published today. Currently, certain correction and bullish gain are expected to hit the pair before the bearish trend continuation in the future. As the price remains below the mark of 0.97, the bearish bias is expected to continue further.
