USD/CHF is expected to trade with bullish bias above 0.9990. The pair is holding on the upside and is trading above its rising 50-period moving average, which plays a support role and maintains the upside bias. The relative strength index is mixed to bullish. In addition, a support base at 0.9990 was formed and it allowed the pair a temporary stabilization.
Regarding economic data, the US Commerce Department reported that personal income improved 0.4% on month in February (as expected) and personal spending grew 0.1% (vs. +0.2% expected). The Chicago PMI edged up to 57.7 in March (vs. 56.9 expected), while the University of Michigan Sentiment Index posted 96.9 (vs. 97.6 expected). US Treasury yields lacked upward momentum as several Federal Reserve officials--including New York Fed President William Dudley, St. Louis Fed President James Bullard and Minneapolis Fed President Neel Kashkari--pointed out that the central bank is not in a rush to tighten monetary policy as the economy shows no sign of overheating. The benchmark 10-year Treasury yield eased to 2.398% from 2.412% Thursday.
To sum up, as long as 0.9990 is support, a further rise to 1.0035 and even to 1.0055 seems more likely to occur.
Resistance levels: 1.0035, 1.0055, and 1.0075
Support levels: 0.9950, 0.9910, and 0.9885
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