USDCHF Movement
On Friday, the USD rose marginally against the CHF and closed at 0.9114.
In economic news, the Swiss National Bank (SNB) Vice President, Jean-Pierre Danthine, stated that the nation has made significant progress in dealing with the systemic risks to its economy posed by its banking giants, but the goal of a resilient financial system has not yet been achieved. He also added that regulators should stick to their current plans on stricter rules to make the banking system safer.
On Saturday, the SNB President, Thomas Jordan, stated that the central bank’s currency ceiling on the Swiss Franc remains essential in order to avoid a tightening of monetary conditions in Switzerland.
In the Asian session, at GMT0300, the pair is trading at 0.9099, with the USD trading 0.16% lower from Friday’s close.
The pair is expected to find support at 0.9067, and a fall through could take it to the next support level of 0.9034. The pair is expected to find its first resistance at 0.9133, and a rise through could take it to the next resistance level of 0.9166.
Investors are expected to keep an eye on Switzerland’s producer and import price data, scheduled to release later during the day for further direction in the Swiss Franc.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
