USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 1.32% against the CHF and closed at 0.9944.
In economic news, Switzerland’s foreign currency reserves dropped to CHF559.7 billion in December, compared to a revised reading of CHF562.6 billion in the previous month.
In the Asian session, at GMT0400, the pair is trading at 0.9964, with the USD trading 0.2% higher from yesterday’s close.
The pair is expected to find support at 0.9898, and a fall through could take it to the next support level of 0.9831. The pair is expected to find its first resistance at 1.0055, and a rise through could take it to the next resistance level of 1.0146.
Moving ahead, market participants will keep a close watch on Switzerland’s unemployment rate and consumer price inflation data, both for the month of December, scheduled to release in a few hours, to gauge the strength in the nation’s economy.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
