USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.10% against the CHF and closed at 0.9020. The Swiss Franc gained ground against its US counterpart after data confirmed that the nation’s real retail sales rose 2.4% (YoY) during August, more than analysts’ call for a 0.7% rise from a level of 0.6% registered in the preceding month. Separately, the nation’s consumer price index rose 0.3% (MoM) in September, at par with market expectation and compared to a 0.1% drop registered in the previous month. Additionally, on a seasonally adjusted basis, Switzerland’s unemployment rate rose 3.2% (MoM) in September, in line with market expectations and compared to a similar rise seen in the preceding month.
Positive sentiments was also fuelled after the Swiss National Bank (SNB) President, Thomas Jordan, in his speech stated that the central bank did not have to enforce the minimum exchange rate to protect its Franc ceiling for more than a year. He also added that the SNB’s measure remains in place if needed.
In the Asian session, at GMT0300, the pair is trading at 0.9062, with the USD trading 0.47% higher from yesterday’s close.
The pair is expected to find support at 0.9029, and a fall through could take it to the next support level of 0.8996. The pair is expected to find its first resistance at 0.9081, and a rise through could take it to the next resistance level of 0.9100.
Amid lack of economic releases from Switzerland, investors are expected to keep a close watch on global economic releases for further guidance.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
