USDCHF Movement
For the 24 hours to 23:00 GMT, USD declined 0.48% against the CHF and closed at 0.8485, after reports showed that the Swiss central bank left its benchmark interest rate near zero.
The Swiss National Bank (SNB) on Thursday maintained its expansionary policy stance, leaving the key interest rate unchanged near zero, President, Philipp Hildebrand stated that the policy makers are “concerned” over the Swiss Franc’s surge.
In the economic news, the industrial production in Switzerland, on quarterly basis, rose by 5.0% in the first quarter of 2011, compared with 6.1% in the first quarter of 2010.
In the Asian session, at 3:00GMT, the pair is trading at 0.8497, 0.14% higher from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 0.8541, followed by the next resistance at 0.8584. The first area of support is at 0.8463 level, with the subsequent support at 0.8428.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
