USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.40% against the CHF and closed at 0.9108. The Swiss Franc gave up ground against the US Dollar, after the Swiss National Bank (SNB) President, Thomas Jordan stated that, “there is absolutely no reason to exit the minimum exchange rate policy”, as the central bank still considers the Swiss currency to be highly valued. SNB’s next policy meeting is scheduled on December 12, where it is widely expected that the central bank would stick to its currency cap and to ultra-low interest rates to fend off deflation.
In economic news, the Swiss Statistics reported that, the number of employed people in Switzerland rose to 4.196 million in the third quarter, lesser than analysts’ expectation for the employment to rise to 4.197 million, following previous quarter’s level of 4.166 million.
In the Asian session, at GMT0400, the pair is trading at 0.9108, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 0.9082, and a fall through could take it to the next support level of 0.9056. 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 0.9158.
With no major economic releases from Switzerland, traders would eye global economic news for further cue in the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
