USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 1.47% against the CHF and closed at 0.9125, after the Federal Reserve unexpectedly refrained from reducing US economic stimulus.
In Switzerland, ZEW survey – expectations for September rose to a reading of 16.3, failing to meet market expectation for a rise to 20.0 and compared to a 7.2 increase seen in the previous month.
In the Asian session, at GMT0300, the pair is trading at 0.9120, with the USD trading slightly lower from yesterday’s close.
The pair is expected to find support at 0.9063, and a fall through could take it to the next support level of 0.9006. The pair is expected to find its first resistance at 0.9223, and a rise through could take it to the next resistance level of 0.9326.
Trading trends in the Swiss Franc is expected to be determined by the Swiss National Bank’s (SNB) interest rate decision and an official data on the nation’s trade balance, due later today. Investors also await a report from SECO, which contains economic forecast of the Switzerland’s GDP.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
