USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.53% against the CHF and closed at 0.9168, as investors cheered an upbeat rise in the US Gross Domestic Product (GDP) for the third quarter.
In economic news, the State Secretariat for Economic Affairs (SECO) reported that, on a quarterly basis, its index of the consumer climate in Switzerland advanced to a reading of -5 during the three months to October, less than analysts’ expectations for a rise to -4, and up from a reading of -9 recorded in the previous month. Meanwhile, the Swiss National Bank (SNB) reported that foreign currency reserves in the nation rose to a level of CHF434.7 billion in October, compared to the previous month’s reading of CHF432.4 billion. Additionally, the UBS real estate bubble index in Switzerland advanced to a level of 1.2 in the third quarter, following a reading of 1.15 reported in the second quarter.
In the Asian session, at GMT0400, the pair is trading at 0.9172, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9102, and a fall through could take it to the next support level of 0.9033. The pair is expected to find its first resistance at 0.9246, and a rise through could take it to the next resistance level of 0.9321.
Market participants keenly await the release of Switzerland’s unemployment and retail sales data, due later today, for cues in the Swiss Franc.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
