USDCHF - Quotes are holding in a downtrend
The Swiss State Secretariat for Economic Affairs (SECO) is to release its traditional economic forecasts today. Still, investors expect them to be neutral, with third-quarter data showing a rise of 0.2% after rising by 0.1% earlier, indicating restrained dynamics, unable to influence the national currency. First, the gross domestic product (GDP) increase is curtailed by a record drop in consumer sentiment below –47.0 points for the first time since 1972. According to the latest poll, citizens do not expect improvements anytime soon and are reluctant to make large purchases amid unprecedented inflation and an uncertain outlook.
On the daily chart of the asset, the trading instrument continues its global decline, completing the formation of the local Triangle pattern. Technical indicators maintain a stable sell signal.
Resistance levels: 0.9410, 0.9550 | Support levels: 0.9310, 0.9150