USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.46% against the CHF and closed at 0.8802.
In economic news, Switzerland’s annual consumer price index registered a flat reading for a second straight month in April while an index on the Swiss SECO consumer climate unexpectedly declined to a figure of 1.0 in the first quarter, from the previous month’s reading of 2.0.
In the Asian session, at GMT0300, the pair is trading at 0.8808, with the USD trading 0.07% higher from yesterday’s close.
Earlier today, the Fitch Ratings, citing strong governance and a sound track record of economic policy in the Swiss economy, affirmed its “AAA” sovereign rating on Switzerland with a “Stable” outlook.
The pair is expected to find support at 0.8736, and a fall through could take it to the next support level of 0.8664. The pair is expected to find its first resistance at 0.8847, and a rise through could take it to the next resistance level of 0.8886.
Amid lack of major economic releases in Switzerland, traders are expected to keep a tab on global economic news for further cues in the currency pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
