USD/CHF: Swiss Franc trading lower in the morning session


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.10% against the CHF and closed at 0.9691.

In economic news, Switzerland’s retail sales fell 0.3% on an annual basis in July, for the first time in four months and compared to a revised rise of 0.2% in the previous month. On the contrary, the nation’s manufacturing PMI unexpectedly jumped to 64.8 in August, defying market consensus for a drop to a level of 61.0 and compared to a reading of 61.9 in the prior month.

Other data showed that the region’s total sight deposits eased to a level of CHF576.2 billion in the week ended 31 August, compared to a level of CHF576.8 billion in the previous week.

In the Asian session, at GMT0300, the pair is trading at 0.9702, with the USD trading 0.11% higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9687, and a fall through could take it to the next support level of 0.9673. The pair is expected to find its first resistance at 0.9712, and a rise through could take it to the next resistance level of 0.9723.

Ahead in the day, market participants would keep a close watch on Switzerland’s inflation numbers for August.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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