Forex Pros – The broadly weaker U.S. dollar tumbled to a fresh record low against the Swiss franc on Tuesday, while official data showed that growth in Swiss exports slowed in March, weighed by the stronger franc.
USD/CHF hit 0.8746 during European morning trade, the pair’s all-time low; the pair subsequently consolidated at 0.8755, shedding 0.63%.
The pair was likely to find short-term support at 0.8650 and resistance at 0.8891, the high of April 21.
Switzerland’s Federal Statistical Office said the trade surplus contracted to CHF1.1 billion in March, less than the expected CHF 2.3 billion as exports slowed.
The report said that exports rose 7.2% in March, slowing from the previous two months, but still increased at an annualized rate of 12.3% in the first quarter, after growing by 7.3% in the previous quarter.
Imports increased at an annualized rate of 6.5% in the first quarter, down from 10% expansion in the previous quarter.
Also Tuesday, data showed that the UBS Swiss consumption indicator rose to 1.66 in March, a gain of 0.21 points over the previous month.
The Swissie was also higher against the euro, with EUR/CHF shedding 0.23% to hit 1.2817.
Later in the day, the U.S. was to publish reports on house price inflation and consumer confidence, as well as official data on manufacturing activity in Richmond.
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