According to the recently published report, Switzerland’s trade balance surplus showed some growth in April, Market Leader reports. Amid overall export growth, the local watch industry reported an export decline over the same reporting period.
To be more specific, the surplus reached F2.5 billion in April. The figures showed a considerable increase from F2.2 billion in March. The surplus growth became possible thanks to an export recovery coupled with lower import, Masterforex-V Academy reports. The export growth increased from -0,5% in March all the way up to 0.3% in April. Year over year, the export grew by 11.5% in April 2016 versus April 2015. At the same time, the local import shrank by 3.1% over the same reporting period. Still, year over year, the import grew by 13.6% in April 2016 versus April 2015.
FOREX
Masterforex-V Academy reports that the Swiss Franc is still retracing from the same long-term uptrend against the U.S. Dollar, which means that USDCHF is going up. To be more specific, USDCHF is competing a bearish move – wave A/B of level Weekly2. The price is rallying within the scope of sub-wave A/B of level Daily and the wave level is increasing.
A break above the top of the descending MF sloping channel and MF pivot 1.0091 is going to indicate the completion of the existing market bias, Masterforex-V Academy experts say. Alternatively, a break below the 0.9442 low is going to resume the downtrend. If that’s the case, the key levels of support will be located at 0.9258, 0.9345, 0.9250.
