USD/CHF: Switzerland’s unemployment rate eased to its lowest level since May 2002 in November


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.25% against the CHF and closed at 0.9901.

In economic news, Switzerland’s seasonally adjusted unemployment rate unexpectedly slid to a rate of 2.4% in November, marking its lowest level since May 2002 and defying market expectations for an unchanged reading. Unemployment rate had registered a rate of 2.5% in the prior month. Meanwhile, the nation’s total sight deposits remained steady at a level of CHF576.9 billion in the week ended 07 December.

In the Asian session, at GMT0400, the pair is trading at 0.9891, with the USD trading 0.10% lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9870, and a fall through could take it to the next support level of 0.9850. The pair is expected to find its first resistance at 0.9909, and a rise through could take it to the next resistance level of 0.9928.

With no macroeconomic releases in Switzerland today, investors would look forward to global macroeconomic releases for further directions.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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