USDCHF Movement
On Friday, the USD rose 0.79% against the CHF and closed at 0.9341.
The Swiss National Bank reported that the M3 money supply in Switzerland rose 9.7% (YoY) in May, slower compared to an upwardly revised 10.3% rise reported in the previous month. Moreover, the KOF Economic Institute, in its summer forecast indicated that the Swiss economy is expected to grow 1.4% in 2013, unchanged from March 2013 forecast. However, the agency lowered its growth forecast for 2014 to 2.0%, from 2.2% estimated earlier.
In the Asian session, at GMT0300, the pair is trading at 0.9369, with the USD trading 0.30% higher from Friday’s close.
The pair is expected to find support at 0.9282, and a fall through could take it to the next support level of 0.9194. The pair is expected to find its first resistance at 0.9420, and a rise through could take it to the next resistance level of 0.9470.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
