USD/CHF: Switzerland’s SVME manufacturing PMI surprisingly advanced in November


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD marginally rose against the CHF and closed at 0.9980.

On the macro front, Switzerland’s SVME manufacturing PMI unexpectedly climbed to a level of 57.7 in November, defying market expectations for a fall to a level of 56.4. In the previous month, the PMI had registered a reading of 57.4. Moreover, the nation’s real retail sales surprisingly advanced 0.8% on a yearly basis in October, confounding market consensus for a drop of 0.6%. In the preceding month, real retail sales had recorded a revised decline of 2.5%.

On the other hand, the nation’s total sight deposits eased to a level of CHF576.9 billion in the week ended 30 November, from CHF577.3 billion reported in the previous week.

In the Asian session, at GMT0400, the pair is trading at 0.9968, with the USD trading 0.12% lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9957, and a fall through could take it to the next support level of 0.9945. The pair is expected to find its first resistance at 0.9988, and a rise through could take it to the next resistance level of 1.0007.

Trading trend in the Swiss Franc today is expected to be determined by Switzerland’s consumer price index for November, set to release in a while.

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

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