Forex Market: CHF/NOK daily forecast

During Friday’s trading session CHF/NOK traded within the range of 6.6639-6.7027 and closed at 6.6665.

At 6:45 GMT today CHF/NOK was losing 0.04% for the day to trade at 6.6636. The pair touched a daily low at 6.6612 at 00:45 GMT, the weakest since November 21st 2013.

Fundamental view

Retail Sales in Switzerland probably rose 2.3 in March, following a 1% increase in the previous month.

The index measures the change in the value of sales made by retailers in the country. The amount of sales includes indirect taxes, but without discounts. Revenue from wholesale and the provision of those services are not included. The study includes 850 different business activities. Dealers of vehicles are also included, with the exception of those selling motorcycles. This is the percentage change compared to the corresponding month of the previous year.

The Federal Statistical Office will publish an official report at 07:15 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case CHF/NOK manages to breach the first resistance level at 6.6914, it will probably continue up to test 6.7165. In case the second key resistance is broken, the pair will probably attempt to advance to 6.7303.

If CHF/NOK manages to breach the first key support at 6.6527, it will probably continue to slide and test 6.6389. With this second key support broken, the movement to the downside will probably continue to 6.6139.