USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 0.45% against the CHF and closed at 0.9089, after the Chicago Fed Chief, Charles Evans indicated that the central bank is “here to deliver” on both goals, i.e. boosting jobs and bring excessively low inflation back to the Fed’s 2% target and that the Fed may need to wait until next year, possibly until March 2014, before beginning to wind down its stimulus program. The greenback was also pressurised from the Fed Chairman, Ben Bernanke’s comments, that echoed incoming Fed Chief, Janet Yellen’s previous week’s dovish views for the central bank to continue with its ultra-easy monetary policy in order to boost growth in the its labour markets.
In the Asian session, at GMT0400, the pair is trading at 0.9099, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 0.9070, and a fall through could take it to the next support level of 0.9041. The pair is expected to find its first resistance at 0.9137, and a rise through could take it to the next resistance level of 0.9175.
Traders keenly await the release of ZEW survey on the expectations of the Swiss economy, which is widely expected to rise to a reading of 30.0 in November, from previous month’s level of 24.9.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
