Global macro overview for 01/03/2017:
The Swiss KOF Economic Barometer is a leading indicator which measures overall economic activity and is an excellent indicator of the direction of the Swiss economy. The recent KOF data released on Tuesday morning revealed that the Swiss KOF leading indicator increased significantly over the month of February, pointing to better-than-expected growth in the country's economy. The market participants expected a steady reading of 102.2 points after 102.0 points a month ago, but the number issued was at the level of 107.2.The up move was mainly driven by the positive sentiment established in the manufacturing and hospitality sectors, together with favorable signals from the financial, exporting and construction industries.
Let's now take a look at the USD/CHF technical picture at the H4 time frame. The bulls have managed to break out above the golden trend line resistance and now their next target is the technical resistance at the level of 1.0141. Please notice, that if this level is violated, then the next important technical resistance is at the level of 1.0247.
