USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.63% against the CHF and closed at 0.9540. The Swiss Franc traded lower yesterday in tandem with the Euro as concerns over the Cyprus bailout continued to weigh on sentiment.
In economic news, the UBS bank reported that, the consumption indicator in Switzerland climbed to a reading of 1.26 in February, from a revised reading of 1.15 recorded in January. Separately, the KOF economic institute reported that, its economic barometer retreated to a reading of 0.99 in March, from a revised reading of 1.04 recorded in February.
In the Asian session, at GMT0400, the pair is trading at 0.9535, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9490, and a fall through could take it to the next support level of 0.9446. The pair is expected to find its first resistance at 0.9567, and a rise through could take it to the next resistance level of 0.9600.
In the absence of any major economic news in Switzerland, the US GDP and jobless claims data, due later today is expected to determine movement in the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
