USDCHF Movement
For the 24 hours to 23:00 GMT, the USD declined 1.09% against the CHF and closed at 0.9673.
Yesterday, the Swiss National Bank (SNB) held benchmark interest rate steady at -0.75%, in line with market expectations. Further, the central bank reiterated that it will remain active in the foreign exchange market as the Swiss Franc is still significantly overvalued.
Separately, the Swiss government indicated that it does not expect a quick acceleration in Swiss economic growth over the coming quarters. The agency trimmed its growth forecasts for 2016 and 2017 to 1.4% and 1.8%, from its earlier projection of 1.5% and 1.9% respectively.
In the Asian session, at GMT0400, the pair is trading at 0.9668, with the USD trading margially lower from yesterday’s close.
The pair is expected to find support at 0.9617, and a fall through could take it to the next support level of 0.9566. The pair is expected to find its first resistance at 0.9752, and a rise through could take it to the next resistance level of 0.9837.
Amid no economic release in Switzerland today, investors will look forward to the nation’s trade balance and ZEW expectations index, scheduled to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
