USD/CHF: Switzerland’s jobless rate drops more-than-anticipated in June


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.35% against the CHF and closed at 0.9916.

Data indicated that Switzerland’s seasonally adjusted unemployment rate eased to 2.6% in June, higher than market expectations for a drop to 2.5%. In the previous month, unemployment rate had registered a revised rate of 2.7%. Meanwhile, the nation’s total sight deposits eased to a level of CHF576.0 billion in the week ended 6 July, compared to a level of CHF576.4 billion in the previous week.

In the Asian session, at GMT0300, the pair is trading at 0.9918, with the USD trading marginally higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9874, and a fall through could take it to the next support level of 0.9830. The pair is expected to find its first resistance at 0.9946, and a rise through could take it to the next resistance level of 0.9974.

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

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

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