USD/CHF: Swiss consumer prices advanced as expected in October


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.24% against the CHF and closed at 0.9977.

Macroeconomic data showed that the consumer price index (CPI) rose 0.7% in Switzerland on a yearly basis in October, meeting analysts’ expectations. In the previous month, CPI had recorded a similar rise.

Also, Switzerland’s total sight deposits declined to a level of CHF577.8 billion in the week ended 03 November, from a level of CHF578.5 billion reported in the prior week.

In the Asian session, at GMT0400, the pair is trading at 0.9982, with the USD trading marginally higher from yesterday’s close.

The pair is expected to find support at 0.9960, and a fall through could take it to the next support level of 0.9939. The pair is expected to find its first resistance at 1.0016, and a rise through could take it to the next resistance level of 1.0051.

With no major economic releases in Switzerland today, investor sentiment would be governed by global macroeconomic factors.

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

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