USD/CHF: Switzerland’s unemployment rate remained steady in July


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.10% against the CHF and closed at 0.9940.

On the macro front, Switzerland’s seasonally adjusted unemployment rate remained unchanged at a rate of 2.6% in July, marking its lowest level since June 2008 and at par with market expectations.

In the Asian session, at GMT0300, the pair is trading at 0.9938, with the USD trading marginally lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9905, and a fall through could take it to the next support level of 0.9872. The pair is expected to find its first resistance at 0.9961, and a rise through could take it to the next resistance level of 0.9984.

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

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

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