According to the Swiss GDP the Swiss economic growth slowed down in Q1. Consumer spending, investment and exports strengthened on the contrary. We believe that the private sector in Switzerland was able to adapt to the strengthening of the franc.
The dollar in the pair USD/CHF decreased. The pair bounced off the level of 0.9940. The decline was stopped near the mark of 0.9850, where the pair started to consolidate. The level of 0.9940 limits its further growth on the daily time frame. The resistance is at the level of 0.9940, the support comes at 0.9850.
MACD crossed the centerline downwards. The histogram is below the signal line. MACD kept decreasing. The signal is bearish. RSI approached the overbought level of 70.
We advise to long with the first target – 0.9940. When the pair consolidates above the first target, we can open deals to the level of 1.0020.