USDCHF Movement
For the 24 hours to 23:00 GMT, USD declined 2.05% against the CHF, on Friday, and closed at 0.7850.
Swiss franc surged sharply against dollar as financial concerns in the US and the Euro zone, spurred demand for safe-haven assets.
In the US, the gross domestic product rose at an annual rate of 1.3% in the second quarter of 2011, compared to a downwardly revised 0.4% increase recorded in the first quarter of 2011. Additionally, the Thomson Reuters/University of Michigan reported that its final index of consumer sentiment fell to a reading of 63.7 in July, the weakest since March 2009, following a reading of 71.5 recorded in June.
In the Asian session, at 3:00GMT, the pair is trading at 0.7922, 0.92% higher from Friday’s close at 23:00 GMT. The greenback bounced back from a record low against Swiss franc today morning, as hopes the US would avert a debt default grew following reports that its lawmakers were close to a deal.
The pair has its first short term resistance at 0.8016, followed by the next resistance at 0.8109. The first area of support is at 0.7837 level, with the subsequent support at 0.7751.
The currency pair is showing convergence with its 50 Hr moving average and is trading just above its 20 Hr moving average.
