USDCHF Movement
For the 24 hours to 23:00 GMT, USD rose 1.04% against the CHF and closed at 0.9474, after the release of better than expected US housing data.
The National Association of Realtors (NAR) reported that existing home sales in the US rose 3.4% to an annual rate of 4.62 million in April, following a downwardly revised rate of 4.47 million recorded in March.
Moreover, the Organization for Economic Cooperation and Development (OECD) has forecasted that US real gross domestic product would grow 2.4% in 2012 and 2.6% in 2013, more than 1.7% reported in 2011.
In the Asian session, at GMT0300, the pair is trading at 0.9477, with the USD trading margially higher from yesterday’s close.
The pair is expected to find support at 0.9405, and a fall through could take it to the next support level of 0.9332. The pair is expected to find its first resistance at 0.9524, and a rise through could take it to the next resistance level of 0.9570.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
