USD/CHF: Swiss Franc trading lower ahead of the SVME – PMI data


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.17% against the CHF and closed at 0.9973.

Meanwhile, the Swiss National Bank reported a record profit of CHF32.5 billion for the third quarter amid a drop in the Franc’s value and strength in equity markets. Earnings included a gain of CHF1.9 billion from the increased value of its gold holdings and of CHF520.0 million from negative interest rates it charges banks to hold deposits.

In the Asian session, at GMT0400, the pair is trading at 0.9987, with the USD trading 0.14% higher from yesterday’s close.

The pair is expected to find support at 0.9959, and a fall through could take it to the next support level of 0.9931. The pair is expected to find its first resistance at 1.0006, and a rise through could take it to the next resistance level of 1.0025.

Moving ahead, traders will now focus on Switzerland’s SVME – PMI data for October, due to release in a few hours.

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

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