USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 1.05% against the CHF and closed at 0.9537. The Swiss Franc gained after data indicated that Switzerland’s economy grew by a seasonally adjusted 0.6% (QoQ) in the first quarter of 2013, following a revised 0.3% increase recorded in the previous quarter.
In the Asian session, at GMT0300, the pair is trading at 0.9544, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9495, and a fall through could take it to the next support level of 0.9447. The pair is expected to find its first resistance at 0.9622, and a rise through could take it to the next resistance level of 0.9701.
The KOF leading indicator scheduled for release later in the day is expected to show a modest improvement in the future trends of economic activity in Switzerland.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
