USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.12% against the CHF and closed at 0.9354.
According to media reports, the Swiss National Bank (SNB) Chief, Thomas Jordan, stated that the Swiss economy is likely to show weak growth dynamics in 2013 and will pick up momentum as the year progresses. He further said that for the full year 2012, the central bank still expects 1.0% growth. He also added that the uncertainties are large and the risks are clearly on the downside. At the same time, he brushed aside concerns that the Swiss economy would slip into recession in the third quarter due to the impact of recent developments in the Euro-zone, but admitted that Switzerland will experience “very low growth rates” in the third and fourth quarters of 2012.
In the Asian session, at GMT0400, the pair is trading at 0.9347, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9328, and a fall through could take it to the next support level of 0.9309. The pair is expected to find its first resistance at 0.9376, and a rise through could take it to the next resistance level of 0.9405.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
