USD/CHF is expected to trade in higher range as the bias remains bullish. The pair is consolidating on the upside and is trading above its key support at 0.9990 (the low of March 31), which should limit the downside potential. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Regarding economic data, the US Commerce Department reported that the country's trade deficit narrowed to $43.6 billion in February, its lowest level since October, from $48.2 billion in January. Durable goods orders expanded 1.8% on month in February, compared with +1.7% previously estimated and +2.3% in January.
Hence, as long as 0.9990 is not broken, a further rise to 1.0055 and even to 1.0090 seems more likely to occur.
Resistance levels: 1.0055, 1.0090, and 1.0125
Support levels: 0.9950, 0.9910, and 0.9885
