USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.35% against the CHF and closed at 1.0006.
In economic news, Switzerland’s foreign currency reserves reached an all-time high of CHF562.7 billion in November, from a revised level of CHF551.5 billion in the previous month and exceeding market expectations for an advance to a level of CHF554.0 billion.
In the Asian session, at GMT0400, the pair is trading at 0.9997, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 0.9969, and a fall through could take it to the next support level of 0.9942. The pair is expected to find its first resistance at 1.003, and a rise through could take it to the next resistance level of 1.0063.
Moving ahead, market participants will concentrate on Switzerland’s unemployment rate for November, scheduled to be released tomorrow, for further cues.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
