In Switzerland, both Exports and Imports rose between August and September; however, on an annual term, the indicators declined. Exports fell by 2.9% to CHF 16.95 billion, while Imports fell by 1.5% to CHF 13.903 billion.
Nevertheless, since the beginning of the month, the USD/CHF pair has been under pressure as demand for the US dollar is falling.
The Swiss National Bank holds its next meeting only on December 10; thus, in the short term, market participants will turn their attention to the ECB and Fed meetings, due 22 and 28 October.
The USD/CHF pair broke down key support levels of 0.9580 (ЕМА144 on the daily chart), 0.9550 (ЕМА200) and may continue declining to 0.9460 (the lower border of the downward channel on the daily chart and EMA200 on the weekly chart), 0.9400 (EMA144 on the weekly chart) and further to August lows if the US interest rate is kept unchanged at the forthcoming Fed meeting.
Otherwise, the consolidation above the level of 0.9600 would allow the pair to grow to 0.9800, 0.9900 (August highs).
On the 4-hour, weekly and monthly charts, OsMA and Stochastic indicators recommend short positions.
- Support levels: 0.9500, 0.9460, 0.9400.
- Resistance levels: 0.9550, 0.9580, 0.9600.