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Housing Data Still Weak Whereas Consumers Seems More Optimistic !!

The housing sector of US seems to be still suffering as U.S. Department of Commerce reported that new home sales declined by 3.3% to 440000 units last month missing the economists expectation for a decline to 445000. US Dollar hold gains which came from the strong Consumer Confidence report. 

According to the report the Consumer Confidence index improved to 82.3 in March from the reading of 78.3 in February. While the current situation index declined to 80.4 from 81, the expectations index increased to 83.5 from 76.5. The report also showed that the consumers were optimistic about the future job prospects and overall economy however less optimistic about income growth. 

On the 4 hour chart of USDCHF, the pair seems like trading within an ascending triangle giving bullish signs. It may fall back to the support trend line but it will move up from this level and move within this triangle until it reaches the apex.