USDCHF Movement
For the 24 hours to 23:00 GMT, the USD rose 0.22% against the CHF and closed at 0.9320.
The Swiss Franc traded on a weaker footing after the Swiss government revised downwards Switzerland’s GDP growth to 0.8% from its previous estimation of 0.9% for 2015, while growth expectations for 2016 was cut to 1.6% from 1.8% projected earlier, citing the strength of the Franc, after the SNB removed its cap in January to prevent it from appreciating.
In the Asian session, at GMT0300, the pair is trading at 0.9309, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 0.9274, and a fall through could take it to the next support level of 0.9238. The pair is expected to find its first resistance at 0.9343, and a rise through could take it to the next resistance level of 0.9376.
Meanwhile, market participants would closely monitor Switzerland’s ZEW survey data, scheduled in a few hours, for further cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
