USD/CHF: Switzerland’s inflation advanced above expectations in May


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.20% against the CHF and closed at 0.9865.

Macroeconomic data indicated that Switzerland’s consumer price index (CPI) rose by 0.4% on a monthly basis in May, more than market anticipation for a rise of 0.3%. The CPI had recorded a gain of 0.2% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 0.9857, with the USD trading 0.08% lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9834, and a fall through could take it to the next support level of 0.9811. The pair is expected to find its first resistance at 0.9883, and a rise through could take it to the next resistance level of 0.9909.

Moving forward, traders would closely monitor Switzerland’s unemployment rate for May, set to release in a while.

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

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