USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.21% against the CHF and closed at 0.9349. The Swiss Franc fell after the SVME – purchasing managers’ index declined to a reading of 54.6 during August, more than analysts’ expectation for a fall to 55.9 and compared to a level of 57.4 registered in the previous month. Separately, the Swiss National Bank, Vice President, Jean-Pierre Danthine, stated that the central bank’s ceiling on the Franc will stay in place as long as it corresponds to monetary conditions.
In the Asian session, at GMT0300, the pair is trading at 0.9348, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9322, and a fall through could take it to the next support level of 0.9295. The pair is expected to find its first resistance at 0.9364, and a rise through could take it to the next resistance level of 0.9379.
Investors await the release of Switzerland’s GDP data, which the market expects to show an improvement, on an annual basis, during the second quarter.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
