USDCHF Movement
For the 24 hours to 23:00 GMT, USD rose 0.83% against the CHF and closed at 0.9109, after the minutes of Federal Reserve’s latest monetary policy meeting indicated that the US central bank is growing less inclined to stimulate the economy via extraordinary measures like bond buybacks from banks.
However, the San Francisco Fed President, John Williams, was of different opinion, as he stated that despite signs of the economic recovery picking up steam, the central bank must continue to act “vigorously” to boost the economy and jobs market.
In the Asian session, at GMT0300, the pair is trading at 0.9122, with the USD trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 0.9039, and a fall through could take it to the next support level of 0.8956. The pair is expected to find its first resistance at 0.9170, and a rise through could take it to the next resistance level of 0.9218.
In absence of significant economic indicators in Switzerland today, investors expect the Swiss Franc to ride on general market cues against the greenback.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
