Forex Market: CHF/NOK daily forecast

During yesterday’s trading session CHF/NOK traded within the range of 6.6505-6.6777 and closed at 6.6529.

At 6:30 GMT today CHF/NOK was losing 0.01% for the day to trade at 6.6541. The pair touched a daily low at 6.6527 at 5:50 GMT.

Fundamental view

The gauge of economic sentiment in Switzerland probably improved to 10.0 in April, according to the median experts’ forecast. In March, the index came in at 7.0, which was the weakest since June 2013.

The ZEW (Zentrum für Europäische Wirtschaftsforschung) economic expectations index is published monthly. The indicator reflects the difference between the share of analysts that are optimistic and those that are pessimistic about the expected economic development in Switzerland over the next six months. A positive figure indicates that the proportion of optimists is larger than that of the pessimists.

The ZEW is due to release an official report at 9:00 GMT. A higher-than-expected reading would certainly bolster demand for the Swiss franc.

Technical view

According to Binary Tribune’s daily analysis, in case CHF/NOK manages to breach the first resistance level at 6.6702, it will probably continue up to test 6.6876. In case the second key resistance is broken, the pair will probably attempt to advance to 6.6974.

If CHF/NOK manages to breach the first key support at 6.6430, it will probably continue to slide and test 6.6332. With this second key support broken, the movement to the downside will probably continue to 6.6158.