USDCHF Movement
For the 24 hours to 23:00 GMT, USD declined 0.76% against the CHF and closed at 0.8784.
The Swiss National Bank (SNB) Governing Board member, Jean-Pierre Danthine stated that the elevated foreign exchange rate of the Swiss Franc is putting a big strain on the economy of Switzerland. He further added that policy makers remain ready to act if the economy deteriorates or deflation threats emerge.
The UBS bank reported that the real estate bubble index in Switzerland rose by 0.13 points to 0.58 points in the third quarter of 2011 (3Q FY2011).
In the Asian session, at GMT0400, the pair is trading at 0.8794, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 0.8739, and a fall through could take it to the next support level of 0.8685. The pair is expected to find its first resistance at 0.8871, and a rise through could take it to the next resistance level of 0.8949.
Trading trends in the pair today are expected to be determined by release of foreign currency reserves data in Switzerland.
The currency pair is showing convergence with its 20 Hr and trading just below 50 Hr moving average.
