USDCHF Movement
On Friday, the USD declined 0.41% against the CHF and closed at 0.8942.
On the economic front, Switzerland’s KOF leading indicator fell for the third consecutive month to a reading of 99.8 in May.
Meanwhile, in an interview with the Nikkei business daily on Saturday, the SNB Chief, Thomas Jordan indicated that a further policy easing by the ECB would not impact the SNB’s stance of defending the Swiss Franc’s cap against the Euro.
In the Asian session, at GMT0300, the pair is trading at 0.8958, with the USD trading 0.18% higher from Friday’s close.
The pair is expected to find support at 0.8933, and a fall through could take it to the next support level of 0.8907. The pair is expected to find its first resistance at 0.8984, and a rise through could take it to the next resistance level of 0.9009.
Later today, traders would eye the SVME – purchasing managers’ index data for further cues in the Swiss Franc.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
