USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CHF and closed at 0.9295.
Yesterday, the Swiss National Bank Chairman, Thomas Jordan stated that the Swiss franc is still highly valued and is burdening many companies, especially in the current phase of modest global growth. He also indicated that, with the economic growth weakening further in Europe, Switzerland’s major trading partner, there can be hardly any boost in external demand in the coming months.
In the Asian session, at GMT0400, the pair is trading at 0.9296, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9273, and a fall through could take it to the next support level of 0.9251. The pair is expected to find its first resistance at 0.9330, and a rise through could take it to the next resistance level of 0.9364.
Investors keenly eye the Swiss GDP data scheduled to be released later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
