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USDCHF : Posted Gains After Upbeat Data

USDCHF surge after the strong industrial production and capacity utilization rate released. On the hourly chart, the pair was consolidating within a descending triangle however it broke the resistance trend line of the triangle after the upbeat data.

 

The Industrial production increased .7% in March after advancing 1.2% in February exceeding the economist’s expectation for an increase of .5%. For the first quarter as a whole industrial production moved up at an annual rate of 4.4%. The Capacity Utilization for total industry increased in March to 79.2% which is 1.2% points higher than a year prior and better than the economist’s expectation for an increase to 78.8%.

The pair is currently testing the previous resistance at .8807 and might not break it moving below this resistance.If it breaks this resistance it will find the next resistance at .8814.