Switzerland's trade balance saw a wider surplus in May. This is confirmed by the data provided by the Swiss Customs Administration. The surplus widened amid both lower exports and imports. In particular, the surplus widened up to F2.77bn. This is well above April's figures of F2.45bn.
The actual export drop (y/y) reached 0,9% during the reporting period. The readings narrowed down to F17,25bn. The nominal change was 0,7%.
At the same time, the import drop was much bigger. In particular, the actual decline was 6,6% down to F14,48bn while the nominal one was 4,6%.
The overall export was supported by a substantial increase in the supplies to the USA and China while the European export volume shrinked a bit. The EU is Switzerland's biggest outlet, Market Leader reports.
The USDCHF remains within the scope of the retracement from the long-term uptrend.
USDCHF is trading within the scope of a bearish momentum – wave A/B of level Daily or higher, the experts reports. If to consider a smaller-scale move, the price is currently developing sub-wave 3/C inside the mentioned downswing.
The key level of support is the 0,8906 low. The closest likely bearish targets to watch are 0.8876/68, 0.8831/26, 0.8783/77. The current bearish move will end f the price breaks below the MF pivot located at 0.8973 as well as the MF sloping channel.
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