USDCHF Movement
On Friday, the USD declined 0.41% against the CHF and closed at 0.8930.
The Swiss Franc advanced against the greenback after an official report revealed that Switzerland’s consumer price index rose 0.1% (YoY) in November, rebounding from previous month’s level of 0.3% drop and defying market expectation for a 0.1% fall. Positive sentiment was also fuelled after the Swiss National Bank (SNB) reported that the nation’s foreign currency reserve stood at CHF435.7 billion in November, slightly more than market expectation of CHF435.4 billion and compared to previous month’s level of CHF434.7 billion.
In the Asian session, at GMT0400, the pair is trading at 0.8922, with the USD trading 0.09% lower from Friday’s close.
The pair is expected to find support at 0.8892, and a fall through could take it to the next support level of 0.8862. The pair is expected to find its first resistance at 0.8969, and a rise through could take it to the next resistance level of 0.9016.
Traders await the release of Switzerland’s unemployment rate data for November and real retail sales for October.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
