USDCHF Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.65% against the CHF and closed at 0.9235. In economic news, Switzerland’s M3 money supply increased 10.8% (YoY) during July compared to a 11.3% increase registered in the previous month. Separately, the Swiss National Bank, in its monthly bulletin, stated that the nation’s currency was overvalued 10.7% in July. The Central Bank also reported that deposits of Swiss francs in foreign banks with Swiss counterparts declined 3.0% in June.
In the Asian session, at GMT0300, the pair is trading at 0.9241, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 0.9186, and a fall through could take it to the next support level of 0.9131. The pair is expected to find its first resistance at 0.9273, and a rise through could take it to the next resistance level of 0.9305.
Inventors await the release of a government report from Switzerland, which might show that the nation’s trade surplus increased during June.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
