USDCHF Movement
On Friday, the USD rose 0.11% against the CHF and closed at 0.9657. The Swiss Franc lost ground after Switzerland’s KOF economic barometer unexpectedly slid to a reading of 98.7 in November, compared to market expectations for a rise to a level of 100.0 and following a revised reading of 99.5 registered in October.
In the Asian session, at GMT0400, the pair is trading at 0.9665, with the USD trading 0.08% higher from Friday’s close.
Over the weekend, the Swiss gold referendum that would have forced the SNB to boost its gold reserves to 20% of its assets from current 8% was rejected by 77% of voters.
The pair is expected to find support at 0.9628, and a fall through could take it to the next support level of 0.9592. The pair is expected to find its first resistance at 0.9693, and a rise through could take it to the next resistance level of 0.9722.
Going forward, investors look ahead to Switzerland’s SVME PMI data to get better insights about the nation’s economy, set for release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
