USDCHF Movement
For the 24 hours to 23:00 GMT, USD declined 0.20% against the CHF and closed at 0.7942, as a report indicated a rise in the US jobless claims.
Initial jobless claims in the US, for the week ended 20 August 2011, climbed to 417,000, from the previous week’s revised figure of 412,000, while continuing claims, for the week ended 13 August 2011, dropped to 3.64 million.
In Switzerland, the European Economic Research (ZEW) and Credit Suisse indicated that economic expectations fell by 12.5 points to -71.4 in August. Meanwhile, the current economic situation index edged down by 18.6 points to 34.3 in August.
In the Asian session, at 3:00GMT, the USD is trading at 0.7930, 0.15% lower versus Swiss Franc, from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 0.7978, followed by the next resistance at 0.8025. The first area of support is at 0.7895 level, with the subsequent support at 0.7859.
Trading trends in the pair today are expected to be determined by the release of KOF leading indicator in Switzerland.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
