Sasha Singh
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USDCHF : Pair Still Consolidating

Mixed US data didn’t provide any boost to the currency pair. Department of Labor reported that the initial jobless claims decreased by 10K to 311K from the previous week’s revised figure of 321K. The 4 year moving average which is the better measure of the job trend decreased 9500 from the previous revised figure of 327250. The economists were expecting the initial claims to increase to 326K.

 A separate report by Bureau of Economic Analysis related to GDP, showed that the Real gross domestic product increased at an annual rate of 2.6% in the fourth quarter of 2013 based on the third estimate. The economists were expecting it to revise up to 2.7%.The general picture of the economic growth remains largely the same, personal consumption expenditures was larger than estimated whereas the private investment in inventories and in intellectual property products were smaller than previously estimated.

On the hourly chart,the pair seems consolidating within an ascending triangle with resistance at .8868. The pair might reverse this uptrend by breaking the support trend line of the triangle.