Global macro overview for 03/04/2017:
The Swiss KOF leading indicator data for the month of March were better than anticipated again. According to the KOF Swiss Economic Institute, KOF index added 0.7 points last month, which is above its long-term average, jumping to 107.6 from a downwardly revised reading of 106.9 registered in the preceding month. The reason behind the uptick was attributed to the positive trend established in the construction sector, favorable signals from the financial sector and domestic private consumption. The other leading Swiss industries like manufacturing and hospitality reported no change while exporting sector sent slightly negative signals. In conclusion, Swiss KOF report reconfirms overall positive trend in Swiss economy and a possible father expansion during the months to come.
Let's now take a look at the USD/CHF technical picture at the H4 time frame. The bull camp has managed to retrace almost 61% of the previous swing down but was capped at the level of 1.0028. The market trading conditions are overbought, so now a decline towards the next technical support at the level of 0.9959 is expected. Any break out above the 61%Fibo will open the road towards the next technical resistance at the level of 1.0060.
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