USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.15% against the CHF and closed at 0.9280. The Swiss Franc rose, after the State Secretariat for Economic Affairs (SECO) indicated that the Swiss economy expanded more-than-expected in the third quarter fueled by strong consumption and goods trade.
The gross domestic product (GDP) in Switzerland expanded 0.6% (QoQ) in the Q3 FY2012, from a 0.1% drop in the previous quarter. Market had expected a 0.2% growth. On an annual basis, the GDP rose 1.4% in the Q3 FY2012 compared to a downwardly revised 0.3% expansion in the Q2. Market had expected a 0.9% rise in the Q3 FY2012.
In the Asian session, at GMT0400, the pair is trading at 0.9267, with the USD trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 0.9245, and a fall through could take it to the next support level of 0.9224. The pair is expected to find its first resistance at 0.9296, and a rise through could take it to the next resistance level of 0.9325.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
