USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.20% against the CHF and closed at 0.9401.
The Swiss National Bank (SNB) Chairman, Thomas Jordan, yesterday stated that the central bank would hold the cap on the Francs-Euro exchange rate at 1.20 for now, easing worries that the SNB would revise the existing floor price to tackle the deflationary pressure in the economy.
In the Asian session, at GMT0300, the pair is trading at 0.9393, with the USD trading 0.08% lower from yesterday’s close.
With no major economic releases scheduled during the week, the Swiss Franc is expected to track events in the Euro-zone to gauge the risk appetite among traders.
The pair is expected to find support at 0.9370, and a fall through could take it to the next support level of 0.9347. The pair is expected to find its first resistance at 0.9421, and a rise through could take it to the next resistance level of 0.9449.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
