Since the maximum trade exposure of Swiss is against the US, the Swiss franc is expected to gain slightly on its trade data release.
Yes, the upbeat Swiss trade balance has printed at 3.58 billion which is a way beyond market analysts' projections at 2.72 billion and from previous flash at 3.41 billion.
Technically, the indicators have also positively correlated with this fundamental as RSI on intraday charts started converging with falling prices, while %D line crossover formed on slow stochastic near overbought zone which means selling interest is observed. This is getting confirmed on EOD charts as well but closing basis should be tracked for better clarity.
Towards north, the resistance is positioned at 0.9647 levels (highs of yesterday) and above which it could extend gains 0.9700 levels. To the downside, immediate support can test at 0.9599 levels (lows of yesterday) levels and below that at 0.9556 levels (lows of last Friday).
We reckon buying USDCHF delta put options would fetch yields of 15-20 pips with ease.
