USDCHF Movement
For the 24 hours to 23:00 GMT, USD declined 0.11% against the CHF and closed at 0.9692.
The Federal Reserve Chairman, Ben Bernanke, stated that although broad measurements of the economy point to recovery, many people and businesses are facing tough times, fueling speculation that he is open to increasing bond purchases to spur growth.
In the Asian session, at GMT0300, the pair is trading at 0.9689, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9656, and a fall through could take it to the next support level of 0.9623. The pair is expected to find its first resistance at 0.9731, and a rise through could take it to the next resistance level of 0.9773.
Markets are expected to closely monitor today’s Swiss unemployment rate data which is expected to remain unchanged at 2.7% in July. Additionally, consumer price index (CPI) in Switzerland is also likely to generate some market interest.
The currency pair is trading just below its 20 Hr moving average and well below its 50 Hr moving average.
