USD/CHF: Swiss annual inflation growth weakest in 7 months in June


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.36% against the CHF and closed at 0.9606.

On the macro front, Switzerland’s consumer price index (CPI) advanced less-than-expected by 0.2% on an annual basis in June, rising at its weakest pace in seven months. In the prior month, the CPI had risen 0.5%, while lower market participants expected for a rise of 0.3%. Meanwhile, on a monthly basis, the nation’s consumer prices unexpectedly eased 0.1% in June, compared to an advance of 0.2% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 0.9611, with the USD trading slightly higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9587, and a fall through could take it to the next support level of 0.9564. The pair is expected to find its first resistance at 0.9647, and a rise through could take it to the next resistance level of 0.9684.

Ahead in the day, traders will await the release of Switzerland’s unemployment rate data for June.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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