USDCHF Movement
For the 24 hours to 23:00 GMT, USD rose 0.79% against the CHF and closed at 0.9452, after Swiss government cut its economic growth for next year.
The Swiss State Secretariat for Economic Affairs lowered the nation’s Gross Domestic Product (GDP) growth forecast to 0.5% in 2012 from a previous estimate of 0.9%. Additionally, the agency expects the GDP to grow by 1.8% in the current year, compared to an earlier estimate of 1.9%.
In the Asian session, at GMT0400, the pair is trading at 0.9451, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9369, and a fall through could take it to the next support level of 0.9287. The pair is expected to find its first resistance at 0.9506, and a rise through could take it to the next resistance level of 0.9561.
Trading trends in the pair today are expected to be determined by release of ZEW survey – expectations and producer and import prices data in Switzerland.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
