USDCHF Movement
On Friday, the USD declined 0.30% against the CHF and closed at 0.8981, following a downbeat US non-farm payrolls data for January.
On the economic front, data revealed that real retail sales in Switzerland rose 2.3% (YoY) in December, following a 4.2% (YoY) rise registered in the previous month. Another report showed that foreign currency reserve in the Swiss economy stood at CHF437.7 billion in January, slightly higher when compared to a reserve of CHF435.2 billion recorded in December.
In the Asian session, at GMT0400, the pair is trading at 0.8991, with the USD trading 0.11% higher from Friday’s close.
The pair is expected to find support at 0.8959, and a fall through could take it to the next support level of 0.8927. The pair is expected to find its first resistance at 0.9023, and a rise through could take it to the next resistance level of 0.9055.
Traders are expected to keep a close tab on Switzerland’s unemployment data, which is widely expected to show that, on a seasonally adjusted basis, unemployment in the nation would remain unchanged at previous month’s level of 3.2% in January.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
